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Tryg A/S – Interim report Q1 2024

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

Tryg reported an insurance service result of DKK 1,275m (DKK 1,474m) and a combined ratio of 86.6 (84.0) in Q1 2024, adversely impacted by more than DKK 180m higher than normal weather and large claims level. The underlying claims ratio for the Group improved by 50bps, whilst the Private segment displayed a deterioration of 50bps driven by an increase in motor claims frequency. Tryg reported a top-line growth of 4.8% primarily driven by price increases to offset inflationary pressures. Synergies from the RSA Scandinavia acquisition were DKK 43m in the quarter and  DKK 754m accumulated. The investment result was DKK 117m (DKK 167m) mainly impacted by positive returns from equities and covered bonds. Pre-tax profit was DKK 1,007m (DKK 1,187m) and profit after tax was DKK 776m. Quarterly dividend of DKK 1.95 (DKK 1.85) per share an increase of more than 5%, solvency ratio of 191 supportive of future shareholders' returns.

Financial highlights Q1 2024

  • Insurance revenue growth of 4.8% in local currencies
  • Insurance service result of DKK 1,275m (DKK 1,474m)
  • Combined ratio of 86.6 (84.0)
  • Expense ratio of 13.5 (13.3)
  • Investment result of DKK 117m (DKK 167m)
  • Profit before tax of DKK 1,007m (DKK 1,187m)
  • Quarterly ordinary dividend of DKK 1.95 (DKK 1.85) per share and solvency ratio of 191

Customer highlights Q1 2024

  • Customer satisfaction score of 85 (86)

Statement by Group CEO Johan Kirstein Brammer:
Q1 was characterised by a high level of weather and large claims, and an increased frequency of motor claims. These events have given us the opportunity to show our customers that we are able to offer them security and help in demanding situations.

Despite a challenging quarter, our earnings diversification remained effective, with a notably strong performance in Sweden balancing out the challenges in our Norwegian market. Hence, initiatives are ongoing in our Norwegian business to support an improved profitability. Despite some headwind, it is positive to see that the Group’s insurance service result shows an improvement of nearly DKK 200 million compared to the same quarter last year, when excluding the high level of weather and large claims.

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:

Visittryg.comand follow us on twitter.com/TrygIR

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