Tryg A/s · OMXCOP:TRYG
Tryg A/s — Tryg A/S Ord New — Q2 2025 Earnings Presentation
48 slides from Tryg A/s's earnings presentation, Jul 11, 2025
Slide 1: Tryg Q2 2025 results
Tryg Q2 2025 results Investor presentation
Slide 2: Contents
01| Highlights Q2 2025 03 02| Insurance revenue development 09 03| Claims developments 13 Contents 04| Investment activities 16 05| Solvency & expenses 19 06| Update on Strategy & Financial targets 24 07| Roadshows & conferences 29 08| Background material 31 09| Disclaimer 48
Slide 3: Highlights Q2 2025
Highlights Q2 2025
Slide 4: Financial highlights Q2 2025
1 Highlights Q2 2025 Financial highlights Q2 2025 Insurance service result of DKK 2,307m Combined ratio 77.2% Investment result of DKK 110m DPS of DKK 2.05, solvency ratio at 199% 4.3% Claims ratio Expense ratio Ordinary dividend 2,212 2,307 2,020 76.8 78.8 77.2 7.80 7.40 13.6 13.6 13.5 6.29 1.95 4.
Slide 5: Customer highlights Q2 2025
1 Highlights Q2 2025 Customer highlights Q2 2025 Customer satisfaction KPI Customer satisfaction development +1 • Customer satisfaction in claims processes increases, as 83 strong focus on process optimisation and shortening the 82 claims handling process continues 81 • In a period marked by price i
Slide 6: Update on Danish Consumer and Competition Authority (DCCA) report
1 Highlights Q2 2025 Update on Danish Consumer and Competition Authority (DCCA) report DCCA report on Danish non-life private market published on 1 April 2025 Reflections on the launch of the market investigation • Following the publication of the report on 1 April the DCCA has announced the launch
Slide 7: Group insurance service result and segment split
1 Highlights Q2 2025 Group insurance service result and segment split Insurance service result and Combined ratio, Private segment (DKKm) (%) 1,323 1,429 79.5 82.4 79.2 1,137 • Higher ISR driven by top-line growth, lower level of weather claims and an improved underlying claims ratio • In particular
Slide 8: Group insurance service result and geographical split
1 Highlights Q2 2025 Group insurance service result and geographical split Insurance Denmark (DKKm)service result and Combined ratio, Denmark (DKKm) (%) 819 814 912 82.1 82.2 80.5 Group insurance service result, walk (DKKm) Q2 2024 Q2 2024 Q2 2025 Q2 2024 Q2 2024 Q2 2025 4.3% (Restated) (Restated) R
Slide 9: Insurance revenue development
Insurance revenue development
Slide 10: Insurance revenue grew 4.0% in local currencies compared to Q2 2025
2 Insurance revenue development Insurance revenue grew 4.0% in local currencies compared to Q2 2025 Insurance revenue growth by segment Q2 2025 in local currencies (%) Group reported a growth of 4.0% in local currencies mainly driven 4.4 by the Private segment 4.0 Group 3.2 Private reported a growth
Slide 11: Positive trajectory continues in Norway
2 Insurance revenue development Positive trajectory continues in Norway Combined ratio Norway • In Q2 2025, the combined ratio experienced a strong 6pp improvement y/y but still not at a satisfactory level -6pp • The improvement of the COR is a result of recent years' substantial 102.2 profitability
Slide 12: Customer retention remains broadly stable, some differences between segments
2 Insurance revenue and portfolio Customer retention remains broadly stable, some differences between segments Private segment retention rates DK NO SE 88.5 88.2 85.6 85.5 87.2 87.5 94 92 90 88 86 DK NO SE 84 Q1 2025 Q2 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 20 20 20
Slide 13: Claims development
Claims 7a Pr development y}
Slide 14: Underlying claims ratio improved 30 basis points for the Group
3 Claims development Underlying claims ratio1 improved 30 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" -30 bps • Group underlying claims ratio of 66.5%, an improvement 69.3 72.0 66.
Slide 15: 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 1,142 1,200 1,001 1,200 Expected annual 933 Expected annual 1,000 1,000 level DKK 800m level DKK 800m 800 800 591 555 500 457 600 428 600 370 400 200 400 134 1
Slide 16: Investment activities
Investment activities
Slide 17: 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, DKK 45bn Denmark 13 MATCH Norway 9 Total Investments (DKK 45bn) Total investments Sweden 23 DKK 60bn of DKK 60bn, hereof: 75% Match portfolio (
Slide 18: Tryg investment result – low risk remains key
4 Investment activities Tryg investment result – low risk remains key Key investments figures (DKKm) Q2 2025 Q2 2024 • Free portfolio developed positively in Q2 reporting an overall result of DKK Free portfolio 130 181 130m including a positive return from Government and in particular Covered Match
Slide 19: Solvency and expenses
Solvency and expenses
Slide 20: Group operating capital generation of 20% in Q2 2025
5 Solvency and expenses Group operating capital generation of 20% in Q2 2025 Own funds (DKKm) 1,696 13,525 41 13,859 -1,253 -150 • Solvency ratio at the end of Q2 2025 is 199% (Q1 2025: 3,040 2,939 Tier 2 195%). 1,650 Restricted Tier 1 1,699 Own Funds (OF) are primarily impacted by Unrestricted Tier
Slide 21: 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" 198 201 200 199 202 199 195 194 197 195 196 195 188 191 184 180 179 175 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2021 202
Slide 22: Solvency ratio sensitivities
5 Solvency and expenses Solvency ratio sensitivities Solvency ratio sensitivities (%) 213 Interest rate risk is very low as function of our 205 202 200 200 205 matching strategy 199 196 198 199 194 194 185 Following de-risking in Q4 2024, Tryg has only two asset classes: covered & government bonds a
Slide 23: Expense ratio of 13.5% impacted by tight cost control
5 Solvency and expenses Expense ratio of 13.5% impacted by tight cost control Expense ratio, Group Expense ratio, key drivers in Q2 2025 13.5 13.4 13.6 13.3 13.3 13.3 13.5 • Expense ratio of 13.5% supported by a continued tight cost control • The low expense ratio is primarily driven by an efficient
Slide 24: Update on Strategy & Financial targets
Update on Strategy & Financial targets
Slide 25: Strategic focus towards 2027 is anchored around three strategic 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 26: New UW platform enables strong optimisation of individual underwriting
6 Update on Strategy & Financial targets New UW platform enables strong optimisation of individual underwriting CMD recap Status Ambition Significant COR improvement The UW tool adoption increases and Unlocking value from improved through UW platform on track to reach 80% in 2027 UW in strategy peri
Slide 27: Financial and strategic targets for 2027
6 Update on Strategy & Financial targets Financial and strategic targets for 2027 26
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 27
Slide 29: Q2 2025 roadshows & conferences
7 Roadshows & conferences Q2 2025 roadshows & conferences Date Event Participants from Tryg Arranged by 11/07/2025 Copenhagen Roadshow Johan Kirstein Brammer, CEO, Allan Kragh Thaysen, CFO, Mikael Kärrsten, CTO, Investor Relations DNB Carnegie Espen Opedal, Country Manager & Head of Private Lines No
Slide 30: Investor Relations
7 Roadshows & conferences Investor Relations Gianandrea Roberti Robin Hjelgaard Løfgren Frederik Brink Ilker Yildirim Ilze Karahona Head of Financial Reporting, SVP Senior Director, Head of Investor Senior Analyst, Investor Relations Analyst, Investor Relations Project manager, Investor Relations +4
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 >6,900 ~2.2 million insurer in Scandinavia. We are the largest player in customers employees claims per year Denmark, the thir
Slide 33: Tryg has a long and proud history, with the 2021 RSA acquisition
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 Q2 2024) Danish market share (as of Q2 2024) 18% Tryg 22% 24% Tryg 29% If If Gjensidige Alm. Brand Länsförsäkringar 5% Gjensidige 20% Alm. Brand 5% Sygeforsikringen Danmark 5% LB Forsikring Folksam 2
Slide 35: Distribution of new sales 2024
8 Background material Distribution of new sales 2024 Private segment Distribution in the Scandinavian market 4% 4% Distribution in the Scandinavian markets differs from 7% many other insurance markets 19% 14% Franchise 12% 27% 4% Sales agents 28% Customer service Agents 7% Customer Service Outbound
Slide 36: Gross premium split
8 Background material Gross premium split Group Insurance revenue by product 2024 Denmark Insurance revenue by product 2024 9% 9% Motor 27% Motor 11% 10% 31% Workers comp Workers comp Health and accident Health and accident Liability Liability Fire & property - private 5% Fire & property - private 2
Slide 37: Group financial metrics
8 Background material Group financial metrics Insurance revenue (DKKm) Combined ratio (%) 50,000 100 84.5 85.4 82.6 79.1 81.7 40,000 37,379 37,135 38,596 80 30,000 25,369 60 23,442 20,000 40 10,000 20 0 0 2020 2021 2022* 2023 2024** 2020 2021 2022* 2023** 2024** Claims ratio (%) Expense ratio (%) 80
Slide 38: Group financial metrics, Combined ratio
8 Background material Group financial metrics, Combined ratio Denmark (%) Norway (%) 100 100 92.3 91.7 92.3 86.8 87.2 86.8 85.0 80.5 81.5 81.8 80 80 60 60 40 40 20 20 0 0 2020 2021 2022 2023* 2024* 2020 2021 2022 2023* 2024* Sweden (%) 100 85.0 88.1 77.2 77.8 80 74.3 60 40 20 0 2020 2021 2022 2023*
Slide 39: Reserves and run-off split by line of business
8 Background material Reserves and run-off split by line of business Reserves by product Q2 2025 4% 7% 7% 32% Health and accident Motor 8% Workers comp Fire & property - comm Fire & property - private Liability 17% Other 25% Run-off, net by products Q2 2025 (DKKm) 234 Health and accident 111 Motor 2
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 services of my insurance company My insurance agent only sold me insurance coverage that I really needed My present insurance coverage o
Slide 43: Tryg embraces its vital role in society, working with communities
8 Background material Tryg embraces its vital role in society, working with communities to make it easier to be ‘tryg’ 42
Slide 44: Every 4th Dane receives a bonus! 6% in 2025
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% 8% Have not heard about member Bonus 79% 6% 6% 6% 6% 5% TryghedsGruppen’s highe
Slide 45: Macroeconomic forecast
8 Background material Macroeconomic forecast Denmark Norway 2024 2025 2026 2024 2025 2026 % % (realised) (forecast) (forecast) (realised) (forecast) (forecast) GDP growth 3.7 3.2 2.5 GDP growth 0.6 1.7 1.6 Private consumption 0.9 1.0 2.1 Private consumption 1.4 2.8 2.5 Unemployment 2.9 2.9 3.0 Unemp
Slide 46: Reported figures Q2 2025 and Consensus 2025-2027
8 Background material Reported figures Q2 2025 and Consensus 2025-2027 Q2 2025 2025 2026 2027 DKKm Reported Consensus Consensus Consensus Insurance revenue 10,120 40,288 41,993 43,510 Insurance service result 2,307 7,681 7,950 8,299 Net investment result 110 644 458 469 Other income and costs -381 -
Slide 47: ESG ratings
8 Background material ESG ratings 46
Slide 48: 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