Tryg (TRYG) Q2 2026 earnings summary

Executive summary

• Q2 insurance revenue grew 3.3%; adjusted insurance service result (ISR) was DKK 2,390m and adjusted combined ratio was 77.4%.

• Reported ISR was DKK 1,190m after a DKK 1.2bn one-off provision for Danish workers’ compensation; reported combined ratio was 88.8%.

• Private led growth at 5.0%, while Commercial revenue declined 0.5%; customer satisfaction reached 83, meeting the 2027 target.

Financial highlights

• Adjusted ISR was DKK 2,390m, up 4% year over year; adjusted profit before tax was DKK 2,276m.

• Net investment result was DKK 262m; adjusted operating EPS was DKK 3.20 and adjusted ROOF was 51.0%.

• Solvency ratio was 196% at quarter-end.

• Q2 dividend per share was DKK 2.15, up 5% year over year.

Outlook and guidance

• FY2026 insurance revenue growth is expected to be ~3%, with H2 weaker than H1; growth is expected to accelerate in 2027 and exceed current market consensus.

• 2027 targets remain ISR of DKK 8.0–8.4bn, combined ratio of ~81%, and ROOF of 35%–40%.

• Underlying loss ratio is expected to remain stable or improve slightly; new business growth may initially temper improvement.

• Expense ratio is expected to remain stable or improve slightly toward 2027; full-year 2026 tax rate is expected to be 23.5%.

• 2027 growth improvement is expected from the start of the year, with both Private and Commercial contributing positively.