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Tryg A/S – interim report Q1-Q3 report 2023


Tryg’s Supervisory Board has today approved the interim report for Q3 and Q1-Q3 2023*.

Tryg reported a Q3 insurance service result of DKK 1,513m (DKK 1,785m), adversely impacted by more than DKK 600m of weather-related claims. The summer of 2023 witnessed the storm Hans causing havoc in Scandinavia, together with numerous cloudbursts, heavy rain in parts of the region, and extreme weather events in Europe impacting Scandinavian travellers. Tryg saw an increasing top-line development and solid progress in the core business, including the additional delivery of RSA Scandinavia synergies. Inflation rates in Scandinavia remain high, especially in Norway and Sweden, but the development has been slightly more benign during the last three months. The underlying claims ratio for the Group improved by 0.5 percentage points. The investment result for the quarter was DKK 265m (DKK -203m), driven predominantly by positive returns from fixed-income asset classes in the match portfolio. The pre-tax result was DKK 1,225m. Tryg is paying a Q3 DPS of DKK 1.85 and additionally Tryg is launching a share buyback programme of DKK 1bn following the Q3 results. A solvency ratio of 194 was reported at the end of the quarter, including the impact of the announced dividends and the share buyback.

* All comparative figures are restated to IFRS 17 including the pro-forma figures for Q1-Q3 2022. The comparison figures for Q1-Q3 2022 are pro-forma IFRS 17 disclosed at the end of March and published on

Financial highlights Q3 2023

  • Insurance revenue growth (Premium growth) of 4.4% (4.8%) in local currencies
  • Insurance service result (Technical result) of DKK 1,513m (DKK 1,785m)
  • Combined ratio of 83.8 (81.3)
  • Underlying claims ratio (Group) improved by 0.5
  • Large claims at 3.1% (4.1%) and weather claims at 6.5% (0.9%)
  • Expense ratio of 13.3 (13.5)
  • Total investment return of DKK 265m (DKK -203m)
  • RSA related synergies of DKK 80m
  • Profit before tax of DKK 1,225m (DKK 964m)
  • Quarterly dividend of DKK 1.85 per share and solvency ratio of 194

Financial highlights Q1-Q3 2023

  • Insurance revenue growth (Premium growth) of 4.3% in local currencies
  • Insurance service result (Technical result) of DKK 4,745m (DKK 4,820m)
  • Combined ratio of 82.9 (82.9)
  • Underlying claims ratio (Group) improved by 0.6
  • Large claims at 3.1% (3.3%) and weather claims at 3.4% (1.5%)
  • Expense ratio of 13.3 (13.5)
  • Total investment return of DKK 485m
  • RSA related synergies of DKK 221m
  • Profit before tax of DKK 3,640m
  • Dividend per share of DKK 5.55 (DKK 1.85 paid in April and July and DKK 1.85 to be paid on 18 October 2023)

Customer highlights Q3 2023

  • Customer satisfaction score of 86 (85 in Q3 2022)
  • For the eighth year in a row, Tryghedsgruppen decided to pay member bonus. For 2022, this amounts to 6% of premiums and was paid on 10th of October 2023

Statement by Group CEO Johan Kirstein Brammer:

Tryg’s core business saw a premium growth of 4.4%. The top-line development was driven primarily by the Private and Commercial businesses. We perform well and have a solid core insurance business, in spite of the external geopolitical and macroeconomic challenges and a quarter of extraordinary weather events.

Our insurance service result totaled DKK 1,513m despite net weather-related claims of DKK 611m, which amounts to the highest level of net weather claims in a single quarter for last 15 years, and hence testifies how extraordinary the quarter has been with regards to weather. The storm Hans caused havoc, especially in Norway, and total claims of approx. DKK 300m across Scandinavia. Additionally, numerous cloudbursts, a record wet July, hailstorms and wildfires in Southern Europe impacted our customers in the past quarter. These events gave Tryg the opportunity to show our customers that we are there to help and guide them safely when the unexpected happens.

Our pre-tax result is up by more than 25% thanks to a resilient insurance result and good capital market developments in the quarter compared to Q2 2022. The overall profitability supports a very healthy capitalization, and therefore we are pleased to announce a quarterly dividend per share of 1.85, an increase of 17% from Q3 2022 driven by the higher earnings power from the enlarged group, synergies delivery and improvements in the underlying business. Furthermore, following Q3 results, Tryg will launch a share buyback programme of DKK 1bn, reflecting a strong solvency position helped by robust organic capital generation.

Two weeks ago, we have announced a number of strategically important changes that will collectively fuel our competitiveness and allow us to reinvest in the future. The changes underpin our commitment to deliver on our 2024 financial targets while we gear up for a new strategy period. By making these changes, we are future-proofing the enlarged Group and adapting the organisation to the current macroeconomic environment.

Conference call

Tryg hosts a conference call today at 10:00 CET. CEO Johan Kirstein Brammer, CFO Barbara Plucnar Jensen and CTO Mikael Kärrsten 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:
DK: +45 78 76 84 90
UK: +44 203 769 6819
US: +1 646 787 0157
PIN: 560768

All Q3 material can be downloaded on shortly after the time of release.


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