Tryg A/s · OMXCOP:TRYG
Tryg A/s — Tryg A/S Ord New — Q3 2025 Earnings Presentation
50 slides from Tryg A/s's earnings presentation, Oct 10, 2025
Slide 1: Tryg Q3 2025 results
Tryg Q3 2025 results Investor presentation
Slide 2: Contents
01| Highlights Q3 2025 02 02| Insurance revenue development 07 03| Claims developments 11 Contents 04| Investment activities 14 05| Solvency & expenses 17 06| Update on strategy & financial targets 22 07| Roadshows & conferences 28 08| Background material 30 09| Disclaimer 49 1
Slide 3: Highlights Q3 2025
Highlights Q3 2025
Slide 4: Financial highlights Q3 2025
1 Highlights Q3 2025 Financial highlights Q3 2025 Insurance service result of DKK 2,181m Combined ratio 78.6% Investment result of DKK 177m DPS of DKK 2.05, solvency ratio at 204% 2.4% Claims ratio Expense ratio Ordinary dividend 2,130 2,181 78.2 79.1 78.6 7.80 2,048 7.40 13.3 13.3 13.3 6.29 6.15 1.
Slide 5: Customer highlights Q3 2025
1 Highlights Q3 2025 Customer highlights Q3 2025 Customer satisfaction KPI Customer satisfaction development +1 • Tryg reports a high customer satisfaction of 82 for the third consecutive quarter. This reflects ongoing efforts to 83 enhance the customer journey and supports a strong 82 trajectory to
Slide 6: Group insurance service result and segment split
1 Highlights Q3 2025 Group insurance service result and segment split Insurance service result and Combined ratio, Private segment (DKKm) (%) 1,345 79.8 80.8 80.8 • Higher ISR driven by top-line growth, improved 1,279 1,333 underlying claims ratio and higher run-off, partly offset by a less favourab
Slide 7: Group insurance service result and geographical split
1 Highlights Q3 2025 Group insurance service result and geographical split Insurance Denmark (DKKm)service result and Combined ratio, Denmark Group insurance service result, walk (DKKm) (DKKm) (%) 2.4% 989 973 78.5 78.9 81.9 2,181 841 2,130 2,048 Q3 2024 Q3 2024 Q3 2025 Q3 2024 Q3 2024 Q3 2025 (Rest
Slide 8: Insurance revenue development
Insurance revenue development
Slide 9: Insurance revenue development
2 Insurance revenue development Insurance revenue grew 3.4% compared to Q3 2024 , growth was 4% adjusting for a one off in 2024 Insurance revenue growth by segment Q3 2025 in local currencies (%) 4.7 4.0 3.8 • Tryg's main focus over the past two years has been to protect 3.4 margins during a period
Slide 10: Positive trajectory continues in Norway
2 Insurance revenue development Positive trajectory continues in Norway Key takeaways • In Q1-Q3 2025, combined ratio experienced a 5.1pp improvement y/y Combined ratio YTD, Norway • The improvement of the COR is a result of recent years' substantial profitability initiatives, in particular rate inc
Slide 11: Customer retention remains broadly stable, some differences between segments
2 Insurance revenue development Customer retention remains broadly stable, some differences between segments Private segment retention rates DK NO SE 88.2 87.4 85.5 85.3 87.5 88.4 100 90 80 DK NO SE 70 Q2 2025 Q3 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 20 20 20 20 2
Slide 12: Claims development
Claims | development }
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 67.0%, an improvement 69.3 72.0 67.
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 800 800 591 555 500 457 600 428 600 370 400 200 400 178 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 13 MATCH Norway 10 Total Investments (DKK 45bn) Total investments Sweden 22 DKK 59bn of DKK 59bn, hereof: 76% 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) Q3 2025 Q3 2024 • Tryg reports a strong investment result of DKK 177m. Free portfolio 87 431 Match portfolio 177 83 • The free portfolio reported a result of DKK 87m in Q3 driven by positive Other fi
Slide 18: Solvency and expenses
Solvency and expenses
Slide 19: Group operating capital generation of 22% in Q3 2025
5 Solvency and expenses Group operating capital generation of 22% in Q3 2025 Own funds (DKKm) 1,642 13,859 43 14,210 • Solvency ratio at the end of Q3 2025 is 204% (Q2 2025: 199%). -1,253 -81 2,939 2,967 Tier 2 Own Funds (OF) are primarily impacted by 1,650 1,665 • Operating earnings Restricted Tier
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" 201 200 202 204 195 198 199 197 195 196 195 199 194 191 188 184 180 179 175 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2
Slide 21: Solvency ratio sensitivities
5 Solvency and expenses Solvency ratio sensitivities Solvency ratio sensitivities (%) 218 210 Interest rate risk is very low as function of our 208 207 204 201 203 204 203 204 matching strategy 199 198 189 Following de-risking in Q4 2024, Tryg has only two asset classes: covered & government bonds a
Slide 22: Expense ratio of 13.3% impacted by tight cost control
5 Solvency and expenses Expense ratio of 13.3% impacted by tight cost control Expense ratio, Group Expense ratio, key drivers in Q3 2025 13.5 13.4 13.3 13.3 13.3 13.5 13.3 • Expense ratio of 13.3% supported by a continued tight cost control • The low expense ratio is primarily driven by an efficient
Slide 23: Update on strategy & financial targets
Update on strategy & financial targets
Slide 24: 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 25: Expansion of 15-year partnership with TCS to simplify IT setup
6 Update on strategy & financial targets Expansion of 15-year partnership with TCS to simplify IT setup Scale & Simplicity CMD recap Status Complexity is a by-product of the TCS help us go from 10 to 1 way of agile development successful growth journey across business units and countries Ways of dev
Slide 26: Trygg-Hansa enters two new partnerships and expands one to strengthen motor portfolio
6 Update on strategy & financial targets Trygg-Hansa enters two new partnerships and expands one to strengthen motor portfolio Customer & Commercial Excellence CMD recap Status Ambition Potential to scale motor insights Trygg-Hansa has entered two new partnerships Grow motor portfolio in SE from DK
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: Q3 2025 roadshows & conferences
7 Roadshows & conferences Q3 2025 roadshows & conferences Date Event Participants from Tryg Arranged by 10/10/2025 Copenhagen Roadshow Johan Kirstein Brammer, CEO, Allan Kragh Thaysen, CFO, Mikael Kärrsten, CTO, Investor Relations SEB 21/10/2025 London Roadshow Allan Kragh Thaysen, CFO, Robin Hjelga
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 Investor Relations Analyst, Investor Relations Project manager, Investor Relations +45 20 18 82 67
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
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 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 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 Q3 2025 4% 7% 7% 32% Health and accident Motor 8% Workers comp Fire & property - private Liability Fire & property - comm 17% Other 25% Run-off, net by products Q3 2025 (DKKm) 244 157 Health and accident Motor 5
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
8 Background material Tryg embraces its vital role in society, working with communities to make it easier to be ‘tryg’ DKK 1,050m Member bonus 2025 42
Slide 44: 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 45: Macroeconomic forecast
8 Background material Macroeconomic forecast Denmark Norway 2024 2025 2026 2024 2025 2026 % % (realised) (forecast) (forecast) (realised) (forecast) (forecast) GDP growth 3.5 1.8 2.3 GDP growth 0.6 1.9 1.6 Private consumption 1.1 2.2 2.4 Private consumption 1.4 2.8 2.5 Unemployment 2.9 2.9 3.0 Unemp
Slide 46: Reported figures Q3 2025 and Consensus 2025-2027
8 Background material Reported figures Q3 2025 and Consensus 2025-2027 Q3 2025 2025 2026 2027 DKKm Reported Consensus Consensus Consensus Insurance revenue 10,175 40,347 42,125 43,730 Insurance service result 2,181 7,758 7,964 8,351 Net investment result 177 643 429 439 Other income and costs -379 -
Slide 47: Tier and debt outstanding
8 Background material Tier 1 and 2 debt outstanding Loan Amount (DKK) 1. Call Maturity Tier 2 – NOK 1.4bn Call exercised DKK 0.9bn November 2025 2045 Restricted Tier 1 – SEK 1.0bn DKK 0.7bn February 2026 Perpetual Tier 2 – SEK 1.3bn DKK 0.9bn November 2026 2051 Tier 2 – NOK 0.85bn DKK 0.5bn May 2027
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: ESG ratings
8 Background material ESG ratings 48
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