Tryg (TRYG) investor relations material

Executive summary

• Q3 insurance service result reached a record DKK 2,454m, up 12% YoY; combined ratio improved to 76.8%, supported by better underlying claims and below-normalized large and weather claims.

• Insurance revenue rose 4.1% in DKK and 2.3% in local currencies to DKK 10,591m; pre-tax profit was DKK 2,123m and net profit DKK 1,625m.

• Solvency ratio ended Q3 at 203%; 9M insurance service result was DKK 5,299m, or DKK 6,499m adjusted for the DKK 1.2bn Danish workers’ compensation provision.

Financial highlights

• Q3 insurance service result rose to DKK 2,454m from DKK 2,181m; combined ratio improved to 76.8% from 78.6%.

• Net claims ratio was 63.6% versus 65.3%; underlying claims ratio was 66.4%, down 60 bps YoY, while expense ratio was 13.3% in both periods.

• Operating EPS was DKK 2.96, reported EPS DKK 2.68 and return on own funds 47.0%.

• Net investment result was DKK 42m versus DKK 177m; matched portfolio returned DKK 124m and free portfolio negative DKK 59m.

• Total investments were DKK 58.5bn, comprising 77% matched portfolio and 23% free portfolio.

Outlook and guidance

• FY2026 insurance revenue growth guidance is ~3% in local currencies; growth is expected to be higher in 2027 as organic growth strengthens.

• 2027 targets remain DKK 8.0–8.4bn insurance service result, ~81% combined ratio and 35%–40% return on own funds.

• Underlying claims and expense ratios are expected to remain stable to slightly improve toward 2027; normalised run-off is ~2%, with annual large and weather claims each guided at DKK 800m.

• Norway’s combined ratio is projected to reach the mid-80s in 2026, one year ahead of plan, as profitability initiatives taper and rate increases moderate.

• 2025–2027 shareholder remuneration target is DKK 17–18bn, including DKK 15–16bn ordinary dividends and DKK 2bn extraordinary buyback.