Tryg (TRYG) Q2 2025 earnings summary

Executive summary

• Insurance service result reached DKK 2,307m in Q2 2025, with a combined ratio of 77.2% and strong performance in Norway and the private segment.

• Insurance revenue grew 4.0% year-over-year, mainly driven by price adjustments and robust performance across all Scandinavian countries.

• Pre-tax result stood at DKK 2,035m, operating EPS reached DKK 2.80, and return on own funds was 44.7%.

• Q2 dividend per share is DKK 2.05, and customer satisfaction improved to 82, close to the 2027 target.

• Investment result was DKK 110m, supported by strong returns from covered bonds and a stable asset mix.

Financial highlights

• Insurance revenue for Q2 2025 was DKK 10,120m, up 4.0% in local currencies compared to Q2 2024.

• Combined ratio improved to 77.2% in Q2, with Norway at 82.1%, Sweden at 69%, and Denmark at 80.5%.

• Underlying claims ratio improved by 30 basis points for the group and 20 basis points in personal lines.

• Expense ratio held at 13.5%, supported by top-line growth and cost control.

• Profit after tax was DKK 1,531m in Q2.

Outlook and guidance

• Strategic targets for 2027 include a combined ratio of around 81%, insurance service result of DKK 8.0–8.4bn, and ROOF above 35–40%.

• Underlying claims and expense ratios are expected to remain stable or slightly improve towards 2027.

• Dividend policy aims for DKK 17–18bn in payouts (including DKK 2bn buyback) during 2025–2027.

• Solvency ratio expected to gravitate to a less conservative level long-term, with potential for extraordinary capital repatriation at year-end.

• 2025 revenue growth expected mainly from retail segments; wage inflation remains a key indicator.