Tryg (TRYG) Q4 2025 earnings summary

Executive summary

• Insurance service result reached DKK 1.918 billion in Q4 2025, with a combined ratio of 81.4% and insurance revenue up 4.1% year-over-year, driven by the Private segment and profitability measures, especially in Norway.

• Investment result was DKK 171 million, supported by strong returns in both matched and free portfolios and reduced property exposure.

• Customer satisfaction reached 82, nearing the 2027 target of 83, supported by digital initiatives and new payment solutions.

• Launch of a DKK 1 billion share buyback and quarterly dividend of DKK 2.05 per share, reflecting robust full-year results and a strong solvency position.

• Top-line growth of 4.1% year-over-year, primarily driven by the Private segment and profitability measures in Norway.

Financial highlights

• Insurance revenue grew to DKK 10,293 million in Q4 2025, up 4.1% in local currencies compared to Q4 2024.

• Combined ratio improved to 81.4% from 82.5% in Q4 2024, with the claims ratio at 67.7% and expense ratio at 13.6%.

• Net profit for Q4 2025 was DKK 1,277 million, with operating EPS at DKK 2.38 and ROOF at 36.8%.

• Investment result of DKK 171 million, driven by strong returns in both matched and free portfolios.

• Large claims at DKK 150 million and weather claims at DKK 174 million, both below guided levels.

Outlook and guidance

• Pricing increases in Norway to continue outpacing inflation in 2026, with further improvements expected.

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

• Retention rates stabilizing in Private, expected to improve in Commercial going forward.

• Expense ratio guidance towards 2027 remains stable to slightly improving.

• Management confident in achieving 2027 targets but considers it too early to revise them.