Tryg’s Supervisory Board has today approved the Q3 and Q1-Q3 2024 interim report.

Tryg reported an insurance service result of DKK 2,130m (DKK 1,513m) and a combined ratio of 78.2% (83.8%) in Q3 2024. The insurance service result was supported by significantly lower weather and large claims compared to the corresponding period in 2023. The underlying claims ratio for the Group improved by 30 basis points driven by continued profitability initiatives. The underlying claims ratio for the Private segment deteriorated by 20 basis points while it deteriorated 40 basis points in Q2 2024. Tryg reported a top-line growth of 3.9% (4.4%) in Q3 2024. The top-line development was mainly driven by price adjustments across all segments to offset inflationary pressure, whilst there was a continued and expected drop in the Corporate business following higher churn in the first part of the year and in line with Tryg's re-balancing strategy. Synergies from the RSA Scandinavia acquisition were DKK 58m in the quarter reaching DKK 864m accumulated. The investment result was DKK 444m (DKK 265m) driven by positive returns across all asset classes. Pre-tax profit was DKK 2,134m (DKK 1,225m) and profit after tax was DKK 1,611m. Quarterly dividend of DKK 1.95 (DKK 1.85) per share increased by more than 5%, and a solvency ratio of 202% supportive of future shareholders' remuneration.

Financial highlights Q3 2024

• Insurance revenue growth of 3.9% in local currencies (4.4%)
• Insurance service result of DKK 2,130m (DKK 1,513m)
• Combined ratio of 78.2% (83.8%)
• Expense ratio of 13.3% (13.3%)
• Investment result of DKK 444m (DKK 265m)
• Profit before tax of DKK 2,134m (DKK 1,225m)
• Quarterly ordinary dividend of DKK 1.95 (DKK 1.85) per share and solvency ratio of 202%

Financial highlights Q1-Q3 2024

• Insurance revenue growth of 4.2% in local currencies (4.3%)
• Insurance service result of DKK 5,617m (DKK 4,745m)
• Combined ratio of 80.5% (82.9%)
• Expense ratio of 13.5% (13.3%)
• Investment result of DKK 908m (DKK 485m)
• Profit before tax of DKK 5,270m (DKK 3,640m)
• Dividend per share of DKK 5.85 (DKK 5.55) per share

Customer highlights Q3 2024

• Customer satisfaction score of 86 (86)

Statement by Group CEO Johan Kirstein Brammer:
We have delivered a solid insurance service result in the third quarter, once again highlighting our strength as a full-scale insurance operator in Denmark, Norway and Sweden. Today’s results are the last before we present our new strategy, and the numbers underpin our expectation of achieving our financial goals for the strategy period. These goals include an insurance service result of between DKK 7.2 and 7.6 billion and a combined ratio at or below 82% by the end of 2024,” says Johan Kirstein Brammer, CEO of Tryg.

Conference call
Tryg hosts a conference call today at 10:00 CET. CEO Johan Kirstein Brammer, CFO Allan Kragh Thaysen, CTO Mikael Kärrsten and Head of IR, SVP Gianandrea Roberti will present the results in brief followed by Q&As.

The conference call will be held in English. An on-demand version will be available shortly after the conference call has ended.

Conference call details:
Danish participants:              +45 78 76 84 90
UK participants:                    +44 203 769 6819
US participants:                    +1 646 787 0157
PIN: 560768

The interim report material can be downloaded on www.tryg.com/downloads-2024 shortly after the time of release.
Contact information:

• Gianandrea Roberti, Head of Investor Relations, SVP, +45 20 18 82 67, gianandrea.roberti@tryg.dk
• Peter Brondt, Investor Relations Director +45 22 75 89 04, peter.brondt@tryg.dk
• Camilla Lercke, Head of Communications, SVP +45 53 39 23 84, camilla.lercke@tryg.dk

Visit tryg.com for more information.