Tryg (TRYG) investor relations material

Executive summary

• Premiums grew 3.5% year-over-year, led by the private segment and Norwegian business, while commercial growth was muted due to challenging renewals.

• Insurance service result reached DKK 1,655m in Q1 2026, up 7% year-over-year, driven by strong Private segment growth and profitability initiatives, especially in Norway.

• Combined ratio improved to 84.0%, reflecting solid underwriting and lower-than-normal large and weather claims.

• Pre-tax result was DKK 1,276m; operating EPS DKK 1.85; return on own funds 28.6%.

• Dividend per share for Q1 is DKK 2.15; solvency ratio stands at 192%.

Financial highlights

• Net investment result was DKK 2m, reflecting a low-risk strategy amid market volatility.

• Match portfolio returned DKK 76m; free portfolio return was near zero.

• Expense ratio stable at 13.3%, unchanged from Q1 last year.

• Customer satisfaction score improved to 82, up from 81 at end-2024, supported by digital initiatives.

• Quarterly dividend increased to DKK 2.15 per share, up 5% year-over-year.

Outlook and guidance

• Underlying claims ratio expected to remain stable to slightly improving towards 2027.

• Group targets ISR midpoint of DKK 8.2bn, combined ratio around 81%, and ROE between 35%-40% by 2027.

• Top-line growth expected to improve gradually in H2 2026 and beyond, with a more sustainable composition.

• Dividend policy aims for DKK 17–18bn in payouts (2025–2027), including DKK 2bn in share buybacks.

• No changes to 2027 financial and strategic targets despite market volatility.