Tryg (TRYG) CMD 2024 summary

Strategic direction and leadership

• New CEO and executive board appointed in 2023, blending experience and competence to lead towards 2027 targets.

• Launched a new three-year strategy focused on scale, simplicity, technical and commercial excellence, with a vision to leverage scale for operational efficiency and retail insurance.

• Purpose is to make it easier for customers to feel safe and protected in a changing world.

2024 performance and achievements

• Consistently delivered on financial targets for over a decade, with 2024 projected combined ratio ≤82%, insurance service result DKK 7.2-7.6bn, and ROOF ≥25%.

• Achieved strong results despite macroeconomic headwinds, including inflation, currency fluctuations, and extreme weather.

• Successfully integrated RSA Scandinavia, realizing DKK 900 million in synergies and scaling up through acquisitions.

• Retail share of insurance revenue increased to ~93%, reducing risk and volatility.

• Maintained attractive shareholder returns, with dividend per share in 2023 above pre-acquisition levels.

2027 strategy and financial targets

• Most ambitious targets in company history: combined ratio around 81%, insurance service result DKK 8.0-8.4bn, and ROOF 35-40% by 2027.

• Shareholder remuneration set at DKK 17-18bn for 2025-2027, including DKK 15-16bn ordinary dividends and DKK 2bn extraordinary buyback.

• Strategic KPIs include increasing customer satisfaction from 81 to 83, raising straight-through processing to 55%, and reducing CO2 emissions per claim by 6% by 2027.

• Strategic pillars: Scale & Simplicity, Technical Excellence, Customer & Commercial Excellence.

• Initiatives in each pillar expected to contribute DKK 500m, DKK 300m, and DKK 200m respectively to insurance service result by 2027.