Q2 2025 Tryg A/S Earnings Call Transcript
Key Points
- Tryg AS (WBO:TRYG) reported a strong insurance service result exceeding DKK2.3 billion in Q2, driven by a robust combined ratio of 77.2%.
- Insurance revenue grew by 4%, with the private segment showing a 4.4% increase.
- The underlying claims ratio improved by 30 basis points, indicating better operational efficiency.
- The company announced a Q2 dividend per share of DKK2.05, maintaining a healthy solvency ratio of DKK199.
- Customer satisfaction reached 82%, close to the CMD target of 83% by 2027, with significant improvements in the Swedish business.
- The restatement of figures due to an accounting change negatively impacted the runoff result.
- Motor claims costs have been a persistent issue, although they are now stabilizing.
- The Danish Consumer Council's investigation into the private insurance market could potentially impact pricing practices.
- Retention rates have seen slight drops, particularly in Norway, due to profitability initiatives and price adjustments.
- Operating expenses increased slightly, driven by investments in strategic initiatives and commercial activities.
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Good morning, everybody. My name is Gianandrea Roberti. I'm Head of Financial Reporting, Tryg. We published our Q2 figures earlier this morning, and I have here with me, Johan Brammer, our Group CEO; Allan Thaysen, our Group CFO; and Mikael Kärrsten, our Group CTO, to present the figures. And with these words, over to you, Johan.
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Thanks a lot, Gianandrea, and good morning from me as well, and I will move straight to slide 4 in the deck and the financial highlights. And I'll start by commenting on our insurance service result that exceeded DKK2.3 billion in the second quarter, driven by a strong combined ratio of 77.2%. I'll repeat that a strong combined ratio of 77.2%. And in that context, it is probably important to remind you all that we restated our quarterly figures for 2024 due to an accounting change
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