Tryg A/s · OMXCOP:TRYG
Tryg A/s — Tryg A/S Ord New — Q2 2026 Earnings Presentation
50 slides from Tryg A/s's earnings presentation, Jul 10, 2026
Slide 1: Tryg Q2 2026 results
Tryg Q2 2026 results Investor presentation
Slide 2: Contents
01| Highlights Q2 2026 03 02| Insurance revenue development 09 03| Claims development 12 Contents 04| Investment activities 15 05| Solvency and expenses 18 06| Update on strategy & financial targets 23 07| Roadshows & conferences 29 08| Background material 31 09| Disclaimer 50 2
Slide 3: Highlights Q2 2026
Highlights Q2 2026
Slide 4: Financial highlights Q2 2026
1 Highlights Q2 2026 Financial highlights Q2 2026 Insurance service result of DKK 2,390m Combined ratio of 77.4% Investment result of DKK 262m DPS of DKK 2.15 Claims ratio Expense ratio Ordinary dividend 2,307 2,390 88.8 77.2 77.4 7.80 8.20 13.3 7.40 13.5 13.3 6.29 2.05 1,190 2.05 4.30 75.5 262 63.7
Slide 5: Customer highlights Q2 2026
1 Highlights Q2 2026 Customer highlights Q2 2026 Customer satisfaction KPI Customer satisfaction development +2 83 83 • Tryg has achieved a strong customer satisfaction score of 81 83 for the quarter which is in line with the target for 2027, reflecting our dedicated efforts to enhance the customer
Slide 6: Group insurance service result and segment split
1 Highlights Q2 2026 Group insurance service result and segment split Insurance service result and Combined ratio, Private segment (DKKm) 1,596 (%) 1,429 • Higher ISR driven by solid topline growth and 79.2 78.2 an improved underlying claims ratio, and impacted by an improved expense ratio • In part
Slide 7: Group insurance service result and geographical split
1 Highlights Q2 2026 Group insurance service result and geographical split Insurance Denmark (DKKm)service result and Combined ratio, Denmark (DKKm) (%) 912 711 110.5 80.5 84.8 Group insurance service result, walk (DKKm) -489 Q2 2025 Q2 2026 Q2 2026 Q2 2025 Q2 2026 Q2 2026 (Adjusted)* (Adjusted)* 2,
Slide 8: Norway continues to show further profitability improvements
1 Highlights Q2 2026 Norway continues to show further profitability improvements Combined ratio, per quarter -4.8pp 102.2 • In Q2 2026, combined ratio experienced a 4.8pp improvement y/y, 93.7 95.2 93.9 95.3 93.7 80.8 88.1 85.1 82.1 83.1 87.1 demonstrating continued progress and reaching a satisfact
Slide 9: Insurance revenue development
Insurance revenue development
Slide 10: Insurance revenue grew 3.3% in local currencies compared to Q2 2025
2 Insurance revenue development Insurance revenue grew 3.3% in local currencies compared to Q2 2025 Insurance revenue growth by segment Q2 2026 in local currencies (%) 5.0 • Tryg delivered 3.3% local currency revenue growth in Q2 2026, primarily driven by a solid growth in the Private segment of 5.0
Slide 11: Retention in Private maintains its positive trajectory while Commercial is stabilising
2 Insurance revenue development Retention in Private maintains its positive trajectory while Commercial is stabilising Private segment retention rates DK NO SE 87.7 87.7 * 86.3 86.8 88.8 89.0 100 90 80 DK NO SE 70 Q1 2026 Q2 2026 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q
Slide 12: Claims development
Claims 7a Pr development y}
Slide 13: Underlying claims ratio improved 50 basis points for the Group
3 Claims development Underlying claims ratio1 improved 50 basis points for the Group CMD 2024 Group underlying claims ratio "The underlying claims ratio is expected to be broadly stable to slightly improving towards 2027" -50 bps • Group underlying claims ratio of 66.0%, an improvement 69.0 71.6 66.
Slide 14: Large claims, weather claims, discounting and run-off
3 Claims development Large claims, weather claims, discounting and run-off Large claims, net Weather claims, net DKKm DKKm 1,400 1,400 1,274 1,133 1,200 1,001 1,200 Expected annual 933 Expected annual 1,000 1,000 level DKK 800m level DKK 800m 800 800 591 587 555 570 360 457 600 428 600 134 200 400 4
Slide 15: Investment activities
Investment activities
Slide 16: Investments – split in match and free portfolio
4 Investment activities Investments – split in match and free portfolio Total investments Portfolio split (in %) Match portfolio Scandinavian covered bonds (DKKbn) Denmark 13 MATCH Norway 10 (DKK 46bn) Total Investments Total investments Sweden 23 DKK 60bn of DKK 60bn, hereof: 77% Match portfolio (7
Slide 17: Tryg investment result – low risk remains key
4 Investment activities Tryg investment result – low risk remains key • Financial markets remained influenced by geopolitical developments in the Key investments figures (DKKm) Q2 2026 Q2 2025 Middle East during Q2. While periods of uncertainty contributed to market Free portfolio 159 130 volatility
Slide 18: Solvency and expenses
Solvency and expenses
Slide 19: Group operating capital generation of 26% in Q2 2026
5 Solvency and expenses Group operating capital generation of 26% in Q2 2026 Own funds (DKKm) 1,907 22 13,581 • Solvency ratio at the end of Q2 2026 is 196% (Q1 2026: 13,192 192%) -1,291 -47 -202 3,089 3,055 • The net solvency impact from the Danish workers' Tier 2 compensation case is 4 percentage
Slide 20: Solvency ratio historical development
5 Solvency and expenses Solvency ratio historical development (%) CMD 2024 "Long term, the solvency ratio is expected to gravitate towards a less conservative level" 201 200 202 204 195 198 199 197 195 196 195 199 196 196 194 191 192 188 184 180 179 175 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q
Slide 21: Solvency ratio sensitivities
5 Solvency and expenses Solvency ratio sensitivities Since Tryg primarily invests in AAA-rated Nordic covered bonds; a spread risk volatility Solvency ratio sensitivities (%) of 100 bps is a conservative metric 211 Interest rate risk is very low as function of our 200 199 197 198 200 matching strate
Slide 22: Expense ratio of 13.3% as a result of tight cost control
5 Solvency and expenses Expense ratio of 13.3% as a result of tight cost control Expense ratio, Group Expense ratio, key drivers in Q2 2026 13.5 13.4 13.5 13.3 13.6 13.3 13.3 • Expense ratio of 13.3% supported by a continued tight cost control • Investments in additional commercial activities are fu
Slide 23: Update on strategy & financial targets
Update on strategy & financial targets
Slide 24: Strategic focus towards 2027 is anchored around three pillars
6 Update on strategy & financial targets Strategic focus towards 2027 is anchored around three strategic pillars Deep dive today Scale & Technical Customer & Simplicity Excellence Commercial Excellence Leverage increased size to Scale world-class portfolio Scale proven commercial combine IT systems,
Slide 25: New partnerships support growth ambitions in profitable segments
6 Update on strategy & financial targets New partnerships support growth ambitions in profitable and attractive customer segments Customer & Commercial Excellence Tryg enters a partnership with SAS Eurobonus Private segment Denmark enters a strategic from 16th of June 2026 partnership with Lederne –
Slide 26: Commercial initiatives to further improve growth
6 Update on strategy & financial targets Beyond partnerships, Tryg has initiated a range of key commercial initiatives to further improve growth Customer & Commercial Excellence Key objectives Catalogue of +20 key commercial initiatives Focus on growing new sales in direct sales channels Acceleratio
Slide 27: Financial and strategic targets for 2027
6 Update on strategy & financial targets Financial and strategic targets for 2027 27
Slide 28: It is important to know your investment case
6 Update on strategy & financial targets It is important to know your investment case ”Do you know the only thing that gives me pleasure? It’s to see my dividends coming in.” John D. Rockefeller 28
Slide 29: Q2 2026 roadshows & conferences
7 Roadshows & conferences Q2 2026 roadshows & conferences Date Event Participants from Tryg Arranged by 10/07/2026 Roadshow, Copenhagen Johan Kirstein Brammer, CEO, Allan Kragh Thaysen, CFO, Mikael Kärrsten, CTO, Investor Relations DNB Carnegie 02/09/2026 Roadshow, Benelux (Amsterdam, Brussels) Alla
Slide 30: Investor Relations
7 Roadshows & conferences Investor Relations Gianandrea Roberti Robin Hjelgaard Løfgren Anders Vangsgaard Ilker Yildirim Ilze Karahona Head of Financial Reporting, SVP Senior Director, Head of Investor Manager, Investor Relations Analyst, Investor Relations Project manager, Investor Relations +45 20
Slide 31: Background material
Background material
Slide 32: Tryg at a glance
8 Background material Tryg at a glance As the world changes, we Tryg at a glance make it easier to be tryg • Leading market position: Tryg is the leading non-life ~6 million >6,800 ~2.1 million insurer in Scandinavia. We are the largest player in customers employees claims per year Denmark, the four
Slide 33: Tryg has a long and proud history
8 Background material Tryg has a long and proud history, with the 2021 RSA acquisition 2022 pushing the boundaries even further Demerger 1 April Completed separation of RSA Scandinavia into DK, NO, SE 2005 2018 TrygVesta is listed on Tryg receives the final the OMX Nordic Stock approval of the Alka
Slide 34: Market share of Scandinavian insurance market
8 Background material Market share of Scandinavian insurance market Scandinavian market share (as of Q1 2025) Danish market share (as of Q1 2025) 18% Tryg 23% 23% Tryg 28% If If Gjensidige Alm. Brand Länsförsäkringar 5% Gjensidige 20% Sygeforsikringen Danmark Folksam 5% 6% Fremtind 21% LB Forsikring
Slide 35: Distribution of new sales 2025
8 Background material Distribution of new sales 2025 Private segment Distribution in the Scandinavian market 3% 4% Distribution in the Scandinavian markets differs from 8% 7% 6% many other insurance markets 8% Franchise 16% 37% Customer service 27% Enter 13% Online Sales agents Customer service 43%
Slide 36: Gross premium split
8 Background material Gross premium split Group Insurance revenue by product 2025 Denmark Insurance revenue by product 2025 8% 6% Motor 10% 28% Motor 11% 32% Workers comp Workers comp Health and accident Health and accident Liability Liability 23% Fire & property - private 4% Fire & property - priva
Slide 37: Group financial metrics
8 Background material Group financial metrics Insurance revenue (DKKm) Combined ratio (%) 50,000 100 85.4 82.6 40,356 79.1 81.7 80.3 40,000 37,379 37,135 38,596 80 30,000 25,369 60 20,000 40 10,000 20 0 0 2021 2022* 2023 2024 2025 2021 2022* 2023 2024 2025 Claims ratio (%) Expense ratio (%) 80 72.4
Slide 38: Group financial metrics, Combined ratio
8 Background material Group financial metrics, Combined ratio Denmark (%) Norway (%) 100 100 91.7 92.3 86.8 87.2 86.8 85.0 86.8 81.5 81.8 82.4 80 80 60 60 40 40 20 20 0 0 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 Sweden (%) 100 88.1 77.2 77.8 80 74.3 73.7 60 40 20 0 2021 2022 2023 2024 2025
Slide 39: Reserves split by line of business and run-off
8 Background material Reserves split by line of business and run-off Reserves by product Q2 2026 9% 7% 29% Health and accident 7% Motor Workers comp Fire & property - Private 7% Liability Fire & property - Commercial Other 19% 22% Run-off, net of reinsurance (%) 3.5 2.4 2.4 2.5 2.3 2.0 2.1 1.7 0.6 Q
Slide 40: Tryg reinsurance programme
8 Background material Tryg reinsurance programme • Tryg has issued a per risk reinsurance program covering single large property claims. The maximum net exposure to a single claim is DKK 200m. If a claim exceeds DKK 200m the reinsurers will cover the part above DKK 200m. When a claim occurs Tryg wil
Slide 41: Things that you may not know
8 Background material Things that you may not know • Scandinavian economies have been performing better than most European countries for a long-time. The GDP growth y/y was approx. 2%, and unemployment rates remains much lower than European averages (2-3% in DK and NO). Government indebtedness is ar
Slide 42: IBM study on customer satisfaction within insurance
8 Background material IBM study on customer satisfaction within insurance Danish customers either completely or strongly agree Overall I am very satisfied with the My insurance agent only sold me My present insurance coverage services of my insurance company insurance coverage that I really needed o
Slide 43: Tryg embraces its vital role in society
8 Background material Tryg embraces its vital role in society, working with communities to make it easier to be ‘tryg’ Owning 49.4% of Tryg shares DKK 1,250m Member bonus 2026 DKK 775m contributes in 2026 43
Slide 44: Every 4th Dane received a bonus!
8 Background material TryghedsGruppen and its member bonus TryghedsGruppen bonus Bonus has a positive effect on retention ‘I expect to be in Tryg next year’ Denmark's ‘biggest’ family Have heard about member bonus 90% 8% Have not heard about member Bonus 79% 7% 6% 6% 6% 6% 5% TryghedsGruppen’s highe
Slide 45: General good performance across ESG ratings
8 Background material General good performance across ESG ratings “Overall exposure considered medium, similar to subindustry average. The company’s overall management of material “…management practices for ESG issues is strong.” climate-related risks are consistent with sector standards … leads ind
Slide 46: Macroeconomic forecast
8 Background material Macroeconomic forecast Denmark Norway 2025 2026 2027 2025 2026 2027 % % (realised) (forecast) (forecast) (realised) (forecast) (forecast) GDP growth 2.9 3.7 2.5 GDP growth 1.1 0.8 1.0 Private consumption 2.3 2.7 2.0 Private consumption 2.6 1.6 2.4 Unemployment 2.9 3.1 3.6 Unemp
Slide 47: Tier 1 and 2 debt outstanding
8 Background material Tier 1 and 2 debt outstanding Loan Amount (DKK) 1. Call Maturity Tier 2 – SEK 1.3bn DKK 0.9bn November 2026 2051 Tier 2 – NOK 0.85bn DKK 0.6bn May 2027 2051 Tier 1 – SEK 0.9bn DKK 0.6bn March 2028 Perpetual Tier 1 – NOK 0.6bn DKK 0.4bn March 2028 Perpetual Tier 2 – NOK 0.6bn DK
Slide 48: Strong A1 rating with positive outlook from Moody's
8 Background material Strong A1 rating with positive outlook from Moody's Rating and underlying rationale (Tryg Forsikring A/S) Key comments • The A1 IFSR rating was reaffirmed with an outlook upgrade from stable to Insurance Financial Strength Rating (IFSR) positive on 18 September 2025 • The ratin
Slide 49: Reported figures Q2 2026 and Consensus 2026-2028
8 Background material Reported figures Q2 2026 and Consensus 2026-2028 Q2 2026 Q2 2026 2026 2027 2028 DKKm Reported Consensus Consensus Consensus Consensus Insurance revenue 10,597 10,593 42,306 43,893 45,584 Insurance service result 1,190 1,188 7,066 8,525 8,939 Net investment result 262 130 300 37
Slide 50: Disclaimer
9 Disclaimer Disclaimer Certain statements in this presentation are based on the beliefs of our management as well as assumptions made by and information currently available to the management. Forward-looking statements (other than statements of historical fact) regarding our future results of opera