Q4 2024 Tryg A/S Earnings Call Transcript
Key Points
- Tryg AS (FRA:T2V1) reported an insurance revenue growth of 3.6% in Q4 and just above 4% for the full year, driven by price increases in the Private and Commercial segments.
- The company achieved RSA Scandinavia synergies of DKK930 million for the full year, surpassing the initial target of DKK900 million.
- The overall combined ratio for Q4 2024 was similar to the previous year, with an improvement in the group underlying claims ratio by 20 basis points.
- Tryg AS (FRA:T2V1) successfully derisked its free portfolio by selling over DKK7 billion of risky assets and replacing them with highly rated and liquid government bonds.
- The company maintained a strong solvency ratio of 196% at the end of 2024, supporting future capital returns.
- Customer satisfaction fell short of the target, closing the year at 87% against a target of 88%, impacted by necessary price increases due to inflation.
- The Private segment reported a 20 basis point deterioration in the underlying claims ratio, driven by challenges in the Motor segment.
- Norway's performance remains below expectations, with ongoing challenges in the Private Lines business due to stubborn severity inflation in the motor segment.
- The investment result for the quarter was negative, impacted by the sale of risky assets and a negative return on properties.
- The company faces ongoing challenges with inflationary pressures, particularly in Norway, affecting profitability and requiring continued price increases.
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Good morning, everybody. My name is Gianandrea Roberti. I'm Head of Investor Relations (inaudible) we publish our Q4 and full year results 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 just like to remind, everybody to ask questions.
And with these words, over to you, Johan.
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Thanks a lot, and I will go directly to the financial highlights on slide 3. So yesterday reporting an insurance revenue growth of 3.6% in the last quarter of the year and just above 4% for the full year. The growth both in Q4 and for the full year has been primarily driven by price increases in the Private and Commercial segments in order to fight off the inflationary pressures.
Importantly, the growth of
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