Tryg (TRYG) Q2 2026 earnings summary

Executive summary

• Q2 revenue grew 3.3% year-over-year, led by 5% growth in the Private segment, while Commercial saw a slight decline due to weak renewals and a DKK 1.2bn one-off workers' compensation provision following a Supreme Court ruling.

• Adjusted insurance service result (ISR) was DKK 2,390m, or DKK 1,190m including the provision; combined ratio was 77.4% (88.8% including the provision), with Norway achieving its best ratio in a decade.

• Customer satisfaction reached 83, already meeting the 2027 target, supported by new digital platforms and rapid storm response.

Financial highlights

• Adjusted operating EPS was DKK 3.20; dividend per share was DKK 2.15, up 5% year-over-year and matching Q1.

• Net investment result was DKK 262m, supported by both match and free portfolios amid geopolitical tensions.

• Solvency ratio stood at 196% at quarter-end, up from Q1, despite the large one-off charge.

• Expense ratio stable at 13.3%, in line with 2027 guidance.

Outlook and guidance

• Full-year 2026 revenue growth outlook is around 3%, mainly from the Private segment, with expectations to exceed market consensus in 2027.

• Combined ratio target for 2027 is around 81%, ISR target DKK 8.0–8.4bn, and ROOF between 35–40%.

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