Earlier this year, Danish ICMIF member LB Forsikring announced that it would be sharing a loyalty discount of DKK 124 million (USD 17.5 million) with its members in December 2024. The mutual insurer has recently announced that the loyalty discount it will share with members this month has now increased to DKK 131 million (USD 18.5 million).

LB Forsikring believes that loyalty should be rewarded whenever possible, it is part of the company’s mutual DNA and the company is now contacting its members to say that their loyalty discount will be paid out on 13 December 2024.

Speaking in May 2024, Jan Kamp Justesen, CEO and also a member of ICMIF’s Board of Directors said: “Our finances look reasonable and solid, and this must of course benefit our members. Therefore, I am pleased to announce that our members can already now find out what we expect to pay out in loyalty discount to them at the end of the year.”

In order to receive a loyalty discount in 2024, members of LB Forsikring must have had home contents insurance in one of the company’s brands for at least three years. In addition, the size of the payment depends on how many insurance policies members have through LB Forsikring, the year’s discount rates and how long members have had their home insurance through LB. There is a minimum payout of DKK 75.

In an earlier announcement about the company’s financial results for 2023, LB Forsikring said that its worst year for claims in 10 years had left its mark on the accounts for last year. The many weather-related claims have cost LB Forsikring dearly, however LB Forsikring still emerged from 2023 with a positive annual result of DKK 507.3 million before tax, after what it says was a good investment year.

Speaking earlier this year, Jan Kamp Justesen said: “As a member-owned company, we are in a different position than many other companies because the money only works in favour of the members and must be returned to them either in the form of claims payments, obstacle solutions or loyalty discounts. We should not generate profits for shareholders. But we must of course focus on having a healthy core business and constantly realise the potential we have. In 2024, we need to continue on the path we’ve been on, while making sure we create the most value for our members and be the natural choice for them. In concrete terms, this means focusing on growth, claims handling, investments in efficiency, and developing our products over time.”