Denmark · Delayed Price · Currency is DKK Tryg A/S Earnings Call Transcripts
Fiscal Year 2026
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Premiums grew 3.5% year-over-year, led by private and Norwegian segments, with strong profitability and a robust solvency ratio of 192%. Strategic initiatives and conservative asset allocation support stable outlook and continued capital repatriation.
Fiscal Year 2025
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Q4 saw strong insurance results with a combined ratio of 81.4% and 4.1% revenue growth, driven by robust performance in Norway and stable results in Denmark and Sweden. A DKK 1 billion share buyback was announced, and the solvency ratio remains strong at 196%.
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Premiums grew 3.4% (4% adjusted), with ISR up 7% normalized and a strong 78.6% combined ratio. Solvency ratio rose to 204%, and property risk reduction continues. Strategic initiatives and partnerships are driving growth, especially in Sweden and Norway.
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Q2 saw a strong combined ratio of 77.2%, insurance service result above DKK 2.3 billion, and robust growth in Norway and Sweden. Solvency ratio rose to 199%, with continued pricing actions and efficiency initiatives supporting profitability and customer satisfaction.
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Q1 saw 3.7% revenue growth, a strong ISR of DKK 1.54 billion, and a combined ratio of 84.2%, driven by price adjustments and a mild winter. The solvency ratio remains robust at 195%, with stable to improving claims ratios and continued strategic focus on efficiency and customer satisfaction.
Fiscal Year 2024
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Insurance revenue grew 3.6% in Q4 and 4% for the year, driven by price hikes to offset inflation, especially in Norway. ISR reached DKK 7.324 billion, with strong capital and cost control, but Norwegian motor inflation remains a challenge.
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A new three-year strategy targets a combined ratio of 81%, ISR of DKK 8.2bn, and ROOF of 35-40% by 2027, supported by operational efficiencies, digitalization, and a de-risked investment portfolio. Shareholder returns of DKK 17-18bn are planned, with sustainability and customer satisfaction as key priorities.
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Q3 saw 3.9% insurance revenue growth, a 78.2 combined ratio, and robust solvency at 202%, driven by price increases and lower claims. Guidance for 2024 is reaffirmed, with ongoing focus on profitability, capital repatriation, and stable customer retention.
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Q2 delivered record profitability with a 76.8 combined ratio, 3.9% revenue growth, and strong investment returns. Private and commercial segments drove growth, while corporate was rebalanced for profitability. Full-year guidance is reaffirmed, with continued focus on mitigating inflation and improving Norwegian performance.