Q3 2025 Tryg A/S Earnings Call Transcript
Key Points
- Tryg AS (TGVSF) reported a premiums growth of 3.4%, which adjusts to 4% when accounting for a one-off from the previous year.
- The insurance service result increased by 7% when normalizing for large and weather events, reaching 2.181 billion.
- The combined ratio was a strong 78.6, indicating robust profitability across all business segments and geographies.
- Customer satisfaction reached 82, progressing towards the 2027 target of 83, supported by efficient claims processing initiatives.
- The company is successfully reducing its real estate exposure, aligning with its strategy to minimize earnings volatility and increase return on own funds.
- Higher large and weather claims compared to the previous year partially offset the benefits from premiums growth and improved performance.
- The Danish performance was slightly lower due to July cloudbursts, impacting the overall results.
- Retention rates in Denmark have slightly decreased, attributed to significant price adjustments to combat inflation.
- The Norwegian market remains challenging, with ongoing work needed to achieve sustainable earnings levels by 2027.
- Revenue growth in Denmark is muted, particularly in the commercial segment, due to portfolio pruning and retention challenges.
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Good morning everybody. My name is John Andrea Roberti. I'm head of financial reporting at TRC.
We published our Q3 figures earlier this morning, and I have here with me Johann Brammer, our group CO, Alan Thyisen, our group CFO, and Michael Chaston, our group CTO, to present the figures.
And with these words over to you, Johan.
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Thanks a lot, Gan, and a good morning for me also this morning.
I will, on the first slide, as always, start by commenting on the financial highlights for the quarter.
And as you can see from the slide, we're reporting a premiums growth of 3.4%, which is in fact 4% when adjusting for a one-off booked in the corresponding quarter last year.
The insurance service result landed at 2.181 billion, which corresponds to a growth of 7% when normalizing large
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