Q1 2025 Tryg A/S Earnings Call Transcript
Key Points
- Tryg AS (WBO:TRYG) reported a revenue growth of 3.7% in Q1, driven by price adjustments in the private segment to counter inflationary pressures.
- The insurance service result for Q1 was DKK1.54 billion, significantly higher than the previous year, aided by a mild winter and lower claims costs.
- The combined ratio for the group was 84.2%, with strong performance in Denmark and Sweden, and improvements in Norway.
- The investment result was satisfactory at DKK320 million, despite a volatile macroeconomic environment.
- Customer satisfaction achieved a level of 82, close to the 2027 target of 83, with notable improvements in the Swedish business.
- The commercial segment growth was under 1%, impacted by the loss of Norwegian corporate customers and reactions to price increases.
- Retention rates have weakened slightly due to profitability initiatives, particularly in Denmark, affecting customer retention.
- The solvency ratio decreased slightly to 195 from 196 at year-end, with expectations of further adjustments in the future.
- The Swedish business reported a lower insurance service result compared to last year, primarily due to a high runoff in Q1 2024.
- The report by the Danish consumer and competition authorities has raised concerns about potential market investigations, particularly around indexation practices.
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Good morning, everybody. My name is Gianandrea Roberti. I'm Head of Financial Reporting at Tryg. We published our Q1 figure earlier this morning and I have here with me Johan Brammer, our group CEO, Allan Thaysen, our group CFO, and Mikael Karrsten, our group CTO, to present the figures.
I would like to remind all participants that when we open up for the Q&A, it would be one question at a time to allow everybody to ask questions. And with these words over to you, Johan.
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Thanks a lot, Gian, and good morning to everybody on the call from me as well. I'd like to start just by commenting on the revenue growth which for Q1 is just [shy] of 4%. It ends up at 3.7%, primarily driven by price adjustments in the private segment in order to offset the continued inflationary pressures.
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