Tryg A/s · OMXCOP:TRYG
Tryg A/s — Tryg A/S Ord New — Q4 2025 Earnings Presentation
58 slides from Tryg A/s's earnings presentation, Jan 22, 2026
Slide 1: Tryg Q4 2025 results
Tryg Q4 2025 results Investor presentation
Slide 2: Contents
01| Highlights Q4 2025 03 02| Insurance revenue development 08 03| Claims development 12 Contents 04| Investment activities 15 05| Solvency and expenses 18 06| Update on strategy & financial targets 23 07| Roadshows & conferences 31 08| Background material 33 09| Disclaimer 58 2
Slide 3: Highlights Q4 2025
Highlights Q4 2025
Slide 4: Financial highlights Q4 2025
1 Highlights Q4 2025 Financial highlights Q4 2025 Insurance service result of DKK 1,918m Combined ratio 81.4% Investment result of DKK 171m DPS of DKK 2.05; DKK 1bn buyback launched 12.3% Claims ratio Expense ratio Ordinary dividend 1,918 82.5 81.4 7.80 8.20 7.40 1,708 13.3 13.6 6.29 2.05 171 1.95 4
Slide 5: Customer highlights Q4 2025
1 Highlights Q4 2025 Customer highlights Q4 2025 Customer satisfaction KPI Customer satisfaction development +1 83 82 81 • Tryg reports a high customer satisfaction of 82 for the fourth consecutive quarter. This reflects ongoing efforts to enhance the customer journey and supports a strong trajector
Slide 6: Group insurance service result and segment split
1 Highlights Q4 2025 Group insurance service result and segment split Insurance service result and Combined ratio, Private segment (DKKm) (%) 1,278 83.5 82.0 1,095 • Higher ISR driven by top-line growth, an improved underlying claims ratio, and a more favourable weather claims experience • In partic
Slide 7: Group insurance service result and geographical split
1 Highlights Q4 2025 Group insurance service result and geographical split Insurance Denmark (DKKm)service result and Combined ratio, Denmark (DKKm) (%) 80.3 84.5 899 719 Group insurance service result, walk (DKKm) Q4 2024 Q4 2025 Q4 2024 Q4 2025 Run-off Q4 2025: DKK 129m or 2.8% (Q4 2024: DKK 134m
Slide 8: Insurance revenue development
Insurance revenue development
Slide 9: Insurance revenue grew 4.1% in local currencies compared to Q4 2024
2 Insurance revenue development Insurance revenue grew 4.1% in local currencies compared to Q4 2024 Insurance revenue growth by segment Q4 2025 in local currencies (%) 5.3 • Tryg's main focus over the past two years has been to protect 4.1 profitability during a period of high inflation • Price incr
Slide 10: Customer retention in Private showing improvements, Commercial still to come
2 Insurance revenue development Customer retention in Private showing improvements, Commercial still to come Private segment retention rates DK NO SE 88.4 88.6 87.4 87.6 85.3 85.4 100 90 80 DK NO SE 70 Q3 2025 Q4 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 20 20 20 2
Slide 11: Positive trajectory continues in Norway
2 Insurance revenue development Positive trajectory continues in Norway Combined ratio, per quarter -6.8pp 97.1 102.2 96.7 96.4 93.7 95.2 95.3 88.1 85.1 93.9 82.6 87.2 87.0 82.1 83.1 87.1 78.8 76.9 81.2 80.8 • In Q4 2025, combined ratio experienced a 6.8pp improvement y/y, while the combined ratio i
Slide 12: Claims development
Claims 7a Pr development y}
Slide 13: 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 69.0%, an improvement 69.3 72.0 69.
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 1,142 1,200 1,001 1,200 Expected annual 933 Expected annual 1,000 1,000 level DKK 800m level DKK 800m 800 800 591 587 555 570 600 428 600 457 147 150 200 272 2
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, DKK 45bn Denmark 12 MATCH Norway 10 (DKK 45bn) Total Investments Total investments Sweden 23 DKK 59bn of DKK 59bn, hereof: 75% Match portfolio
Slide 17: Tryg investment result – low risk remains key
4 Investment activities Tryg investment result – low risk remains key Key investments figures (DKKm) Q4 2025 Q4 2024 • Tryg reports a robust investment result of DKK 171m Free portfolio 31 -73 • The free portfolio reported a result of DKK 31m in Q4 driven by positive Match portfolio 187 56 returns o
Slide 18: Solvency and expenses
Solvency and expenses
Slide 19: Group operating capital generation of 20% in Q4 2025
5 Solvency and expenses Group operating capital generation of 20% in Q4 2025 Own funds (DKKm) 1,434 14,210 • Solvency ratio at the end of Q4 2025 is 196% (Q3 2025: 44 135 13,570 204%). The reported solvency ratio includes a 3 pp. uplift 2,967 -2,253 arising from a temporary refinancing effect relate
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" 193% adjusted for temporary debt refinancing effects 201 200 202 204 195 198 199 197 195 196 195 199 196 194 191 188 184 180 179 175 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 of 100 bps is a conservative metric Solvency ratio sensitivities (%) 211 Interest rate risk is very low as function of our 200 200 201 matching strategy 196 1
Slide 22: Expense ratio of 13.6% as a result of tight cost control
5 Solvency and expenses Expense ratio of 13.6% as a result of tight cost control Expense ratio, Group Expense ratio, key drivers in Q4 2025 13.5 13.4 13.3 13.3 13.5 13.3 13.6 • Expense ratio of 13.6% supported by a continued tight cost control • Ongoing operational efficiency improvements will fund
Slide 23: Update on strategy & financial targets
Update on strategy & financial targets
Slide 24: Strategic initiatives
6 Update on strategy & financial targets We see great progress on implementation of the strategic initiatives Scale & Technical Customer & Simplicity Excellence Commercial Excellence Grow Personal Accident portfolio via Leverage increased size to Scale world-class portfolio Scale proven pregnancy pr
Slide 25: Extension of partnership with TCS and new common contact center solution
6 Update on strategy & financial targets Extension of partnership with TCS and launch of new common contact center solution to simplify and modernise our IT landscape Scale & Simplicity TCS help us go from 10 to 1 way of agile development New contact center solution is an important step across busin
Slide 26: Profitability lifted in Norway driven by improved tools, scored loss and other initiatives
6 Update on strategy & financial targets Profitability lifted in Norway driven by improved tools, scored loss and other initiatives Technical Excellence Initiatives boosting profitability and providing Combined ratio FY, Norway the foundation for business growth: -5.5 92.3 New UW Platform – optimisi
Slide 27: Trygg-Hansa continues the commercial journey
6 Update on strategy & financial targets Trygg-Hansa continues the commercial journey with new house insurance, 6 new motor partnerships and good progress for Aktsam Customer & Commercial Excellence House 3.0 Q4 20 Partnerships Q4 20 Aktsam Q4 20 25 25 25 Successful launch of new upgraded house Tryg
Slide 28: We've had a strong start on our new 2027 strategy
6 Update on strategy & financial targets We’ve had a strong start on our new 2027 strategy! KPI CMD Target 2027 FY/Q4 status Strengthen market leading ~81% combined ratio 80.3% Scale & Simplicity profitability Financial DKK 500m Generate resilient growth in DKK~8.0 – 8.4bn DKK 7.9bn ISR in 2027 insu
Slide 29: Strongest start to a strategy period to date
6 Update on strategy & financial targets Key achievements of a standout year in 2025 Strongest start to a Significant DKK 1bn strategy period to turnaround in Norway share buyback date profitability 29
Slide 30: 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 30
Slide 31: Q4 2025 roadshows & conferences
7 Roadshows & conferences Q4 2025 roadshows & conferences Date Event Participants from Tryg Arranged by 22/01/2026 Copenhagen Roadshow Johan Kirstein Brammer, CEO, Allan Kragh Thaysen, CFO, Mikael Kärrsten, CTO, Investor Relations Danske Bank 23/01/2026 London Roadshow Johan Kirstein Brammer, CEO, R
Slide 32: 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 33: Background material
Background material
Slide 34: 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 >6,700 ~2.1 million insurer in Scandinavia. We are the largest player in customers employees claims per year Denmark, the thir
Slide 35: 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 36: Market share of Scandinavian insurance market
8 Background material Market share of Scandinavian insurance market Scandinavian market share (as of Q3 2024) Danish market share (as of Q3 2024) 18% Tryg 22% 24% Tryg 29% If If Gjensidige Alm. Brand Länsförsäkringar 5% Gjensidige 20% Alm. Brand 5% Sygeforsikringen Danmark 6% Folksam 21% LB Forsikri
Slide 37: Distribution of new sales 2025
8 Background material Distribution of new sales 2025 Private segment Distribution in the Scandinavian market 3% 6% 4% Distribution in the Scandinavian markets differs from 12% many other insurance markets 16% 23% 7% Franchise 13% Sales agents 27% Customer service Sales agents 8% Customer service Out
Slide 38: 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 39: 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 40: 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 41: Reserves and run-off split by line of business
8 Background material Reserves and run-off split by line of business Reserves by product Q4 2025 6% 7% 32% Health and accident 7% Motor Workers comp 8% Fire & property - private Liability Fire & property - comm 16% Other 24% Run-off, net by products Q4 2025 (DKKm) 217 Health and accident 76 Motor 52
Slide 42: 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 43: 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 44: 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 45: 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 1,050m Member bonus 2025 45
Slide 46: TryghedsGruppen and its member 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% 8% Have not heard about member Bonus 79% 6% 6% 6% 6% 5% TryghedsGruppen’s highe
Slide 47: 2025 performance on ESG targets
8 Background material 2025 performance on ESG targets Targets Progress 30 product categories 25 product categories Taxonomy-aligned aligned with the EU Taxonomy climate adaptation criteria by 2027 10% Future-fit products 1.2 % reduction in use of new material per claim reduction in use of new materi
Slide 48: Tryg is driving sustainable change from within core business
8 Background material Tryg is driving sustainable change from within core business - 2027 focus areas We must adapt to climate change We must reduce CO₂e emissions We need to bring everyone along and prevent claims to future- across the entire value chain. to drive business performance. proof the bu
Slide 49: Future-fit products
8 Background material Future-fit products Future fitting Tryg’s business through climate adaptation and prevention Our 2027 target Climate projected pricing We use future climate data to predict the next weather damage – so we can price the insurance more accurately. Incentives for prevention If the
Slide 50: Climate action
8 Background material Climate action Climate reduction targets validated by the Science Based Targets initiative (SBTi) Tryg supports the goal of the Paris agreement to reduce global warming to 1.5oC Our targets Own emissions Own operations We buy electricity based on renewable energy, change transp
Slide 51: Climate action
8 Background material Climate action Claims handling with a focus on reuse and repair Our 2027 targets Reuse We reuse more and more used parts – even in new cars – without compromising on safety and quality. 6% CO2e reduction* per claim Restore 2025 performance: 9% reduction We preserve several squa
Slide 52: Empowering people
8 Background material Empowering people Diversity and inclusion Our 2030 targets DEI in HR processes We promote diversity by attracting and developing talent, recruiting with a focus on inclusion and actively working to break unconscious biases. Diversity beyond gender Tryg has an internal LGBT+ net
Slide 53: ESG ratings
8 Background material ESG ratings 53
Slide 54: Macroeconomic forecast
8 Background material Macroeconomic forecast Denmark Norway 2024 2025 2026 2024 2025 2026 % % (realised) (forecast) (forecast) (realised) (forecast) (forecast) GDP growth 3.5 2.6 2.7 GDP growth 2.1 1.2 1.2 Private consumption 1.1 1.8 2.1 Private consumption 1.3 2.7 2.5 Unemployment 2.9 2.9 3.0 Unemp
Slide 55: Tier 1 and 2 debt outstanding
8 Background material Tier 1 and 2 debt outstanding Loan Amount (DKK) 1. Call Maturity Tier 1 – SEK 1.0bn1 DKK 0.7bn February 2026 February 2026 Tier 2 – SEK 1.3bn DKK 0.9bn November 2026 2051 Tier 2 – NOK 0.85bn DKK 0.5bn May 2027 2051 Tier 1 – SEK 0.9bn DKK 0.6bn March 2028 Perpetual Tier 1 – NOK
Slide 56: Rating
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 57: Reported figures Q4 2025 and Consensus 2025-2027
8 Background material Reported figures Q4 2025 and Consensus 2025-2027 Q4 2025 Q4 2025 2025 2026 2027 DKKm Reported Consensus Consensus Consensus Consensus Insurance revenue 10,293 10,200 40,263 42,027 43,622 Insurance service result 1,918 1,805 7,833 7,977 8,382 Net investment result 171 91 698 380
Slide 58: 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