Tryg A/s · OMXCOP:TRYG
Tryg A/s — Investor Day (May 2026)
57 slides from Tryg A/s's investor day presentation, May 28, 2026
Slide 1: Tryg Analyst Day
Analyst day 17 June 2025 Tryg Analyst Day 28 May 2026
Slide 2: Agenda
Status on Tryg 01| Johan Kirstein Brammer, Group CEO (12.00 – 12.30) Agenda Private Denmark 02| Hans Arnum, Head of Private Denmark, EVP (12.30 - 13.00) Private Sweden 03| Niklas Idén, Head of Private Sweden, EVP (13.00 - 13.30) Coffee break 04| Everybody (13.30 – 13.45) Technical Excellence & Norwa
Slide 3: Today's speakers
Today’s speakers Executive board members Executive leadership members Group CEO Group CTO Group CFO EVP, PL Denmark EVP, PL Sweden Johan K. Brammer Mikael Kärrsten Allan Kragh Thaysen Hans Arnum Niklas Idén Tryg since: 2016 Tryg since: 2022 Tryg since: 2018 Tryg since: 2018 Tryg since: 2003 Years in
Slide 4: Status on Tryg
Status on Tryg Johan Kirstein Brammer Group CEO
Slide 5: We've had a strong start on our new 2027 strategy
We’ve had a strong start on our new 2027 strategy! KPI CMD Target 2027 Status Q1 2026 Strengthen market leading ~81% combined ratio 84.0% Scale & Simplicity profitability Financial DKK 500m Generate resilient growth in DKK~8.0 – 8.4bn DKK 1.66bn ISR in 2027 insurance service results Deliver best in
Slide 6: Strategic initiatives
We see great progress on implementation of the strategic initiatives Customer & Scale & Technical Commercial Simplicity Excellence Excellence Grow Personal Accident portfolio via pregnancy product Leverage increased size to Simplify IT foundation Scale Improveworld portfolio-class portfolio manageme
Slide 7: Today, 3 things are on top of my mind
1 2 3 Today, 3 things are on Workers’ Inflation Growth top of my compensation case mind… Supreme Court Navigating through Commercial ruling on workers’ uncertainty around initiatives boosting compensation case inflation our growth 7|
Slide 8: Danish Supreme Court ruling on workers' compensation case
1 WORKERS’ COMPENSATION CASE Danish Supreme Court ruling on workers’ compensation case Workers’ compensation case ruling announced on 29 April 2026 The road ahead • Conservative best estimate-reserve of DKK1.2 bn booked - further negative run-off is extremely unlikely • Reserve estimate developed by
Slide 9: Short term inflation expectations increased, but long-term largely unchanged
2 INFLATION Short term inflation expectations increased, but long -term expectations are largely unchanged Expected inflation higher in the short end of the curve, but more Volatility continues and has been significantly higher compared to the muted in 3–5-year horizon period leading up to the confl
Slide 10: We have navigated macroeconomic and geopolitical headwinds in recent years
2 INFLATION We have already navigated through macroeconomic and geopolitical headwinds in recent years, and our results are a testimony to our resilient business Key macroeconomic factors, 2020 -2026 Inflation, 12-month change in tax-adjusted consumer price index, % 10 DK SE NO 5 0 2020 2021 2022 20
Slide 11: High customer satisfaction and low combined ratio in turbulent times
2 INFLATION High customer satisfaction and low combined ratio were achieved in turbulent times with significant price increases CSAT score for Q1 2026 versus baseline and target 81 82 83 80.3% Combined ratio 2025 2024 baseline Q1 2026 2027 target 11 |
Slide 12: We have launched several commercial initiatives to boost our growth
3 GROWTH We have launched several commercial initiatives to boost our growth Bundling Concept Home Insurance Customer & Commercial Excellence Motor Partnerships Aktsam Personal Accident 12 |
Slide 13: New sales trending up
3 GROWTH New sales trending up – one leading indicator gives optimism Sales index by market and segment, YTD (Jan -Apr) vs prior year Market Private Lines CommercialLines Commercial Lines 110 92 123 122 111 134 13 | Sales index based on nominal amounts in local currency
Slide 14: Q&A
Q&A
Slide 15: Private Denmark
Private Denmark Hans Arnum Head of Private Denmark & Country Head Denmark, EVP
Slide 16: Denmark is an attractive market to operate in
Denmark is an attractive market to operate in Strong business environment High standard of living Profitable insurance market Trust in Ease of doing GDP per capita, 2024, USD Combined ratio, 2-year government1 business ‘000 3 average (24-25) pct. 4 index 2 Tryg 81 56 #4 71 Scandi peers Gjensidige 85
Slide 17: Tryg continues to hold the leading position in the Danish market
Tryg continues to hold the leading position in the Danish market Share of total gross premium earned, Tryg, 2020-25 Share of total gross premium earned, Q1 2025 (P&C, B2C & B2B) #1 23.3 23.3 22.5 20.5 18.4 15.1 7.9 5.1 5.0 4.8 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Other1 202
Slide 18: Strongest and most distinctive brands in the Danish market
We have some of the strongest and most distinctive brands in the Danish market allowing us to cover different customer needs We hold the strongest brand in the market when measured …alongside other distinctive brands that perform across several levers valuable for customers… strongly with customers
Slide 19: Brand strength reinforced by our ownership model
The strength of the Tryg brand is reinforced by our ownership model – being part of the Tryg family means supporting society in feeling more ‘Tryg’ Dividends +1 million teddy bears Part of profits donated in Denmark to kids in treatment at hospitals/clinics Owning 49.8% of Tryg shares +9,000 lifebuo
Slide 20: Private Denmark has delivered strong results in recent years
Private Denmark has delivered strong results in recent years helping Tryg sustain its leading position in the Danish insurance market Gross premiums, Private Denmark, index (2022 = 100) 6% p.a. 119 100 2022 2025 Combined ratio, Private Denmark, % -1.9pp 2022 2025 20 |
Slide 21: Our number one priority is profitable and sustainable growth
Our number one priority is profitable and sustainable growth Boost new sales and Sustain our strong Strengthen retention upselling further profitability discipline Grow number of customers We continue our focus on putting our We sustain our strong profitability through partnerships, an even customer
Slide 22: Increasing sales and strengthening retention through three levers
We are increasing sales and strengthening retention through three levers in the coming years New partnerships and A stronger Improved better use of existing ones value proposition distribution channels • New strategic partnerships (small and • New and stronger product- and service • Stronger digital
Slide 23: Promising results from many of the initiatives just launched
We are seeing promising results from many of the initiatives we’ve just launched Inspired by private banking, we have introduced a new We are continuously optimising our digital sales concept with added benefits to multi -product customers performance through targeted initiatives that pay off Key in
Slide 24: High-margin profitability through technical excellence
We continuously drive high-margin profitability through a strong focus on technical excellence, powered by three key actions More advanced pricing Stronger portfolio management Claims optimisation Setting the right price for the right customers Actively managing and optimising portfolios Reducing cl
Slide 25: Q&A
Q&A
Slide 26: Private Sweden
Private Sweden Niklas Idén Head of Private Sweden, EVP
Slide 27: Trygg-Hansa #3 on Swedish market
Trygg-Hansa #3 on Swedish market, constituting ~30% of Tryg’s revenue and strongest contributor to group ISR Trygg-Hansa market share in Sweden, 2025 Insurance revenue, 2025 ISR, 2025 30% #3 31% in Sweden 42% 58% 69% 17% 16% 17% 16% Combined r atio, 2025 80.3% 73.7% 4% Rest of market (Sweden) (Group
Slide 28: Trygg-Hansa Private Lines has delivered strong results since the merger
Trygg-Hansa Private Lines has delivered strong results since the merger with Tryg GEP, SEK ISR, SEK 4% p.a. 11% p.a. 2023 2025 2023 2025 28 |
Slide 29: Our portfolio consists of three business lines
Our portfolio constitutes of 3 different Business lines PA, Motor, and H&C, with different characteristics Online Outbound Inbound Tied agents Premiums CoR 2025, Sales 2025 Main products 2025, SEKbn % channel split Key characteristics PA • Child insurance • Long customer duration 28% • Accident insu
Slide 30: Growth ambitions across business lines
We have growth ambitions across business line during our Strategy period with initiatives launched for all PA Motor H&C Premiums, Trygg-Hansa Private Sweden, SEKbn Selected growth initiatives >+4% p.a. Preglife pregnancy insurance +4% p.a. distribution secure must wins 12.6 for portfolio inflow 12.1
Slide 31: Securing inflow to PA portfolio and converting customers across life stages
We create growth by securing inflow to our PA portfolio and converting customers across life stages PA products are structurally linked, enabling customer progression across life stages Comment Customers life (duration approx. 38 years1) • High retention across the market where customers typically s
Slide 32: Preglife allows us to enter the customer journey at pregnancy
Preglife allows us to enter the customer journey already at pregnancy, building the trust and relationships that convert into long-term customers What is Preglife ? How does our partnership work? Scandinavia's leading pregnancy app, Preglife distributes Trygg -Hansa insurances through their app guid
Slide 33: Strengthening our position outside major cities
Strengthening our position outside major cities is a top strategic priority for this period There is a lot of potential to boost our market position outside Stockholm area We have a strong set of initiatives to strengthen our position outside major cities Market position Trygg -Hansa Motor Re-launch
Slide 34: Improved products, packaging and new partnerships to fuel H&C growth
We have improved our products, introduced product packaging and launched new partnerships to fuel H&C growth Why product packaging? New strategic partnerships Upselling Simplicity + more Increased • Swedens leading • Swedens leading • New concept Customer Value home security real-estate launched wit
Slide 35: Q&A
Q&A
Slide 36: Technical Excellence: Case example Norway
Technical Excellence: Case example Norway Mikael Kärrsten Group CTO
Slide 37: Strategic focus towards 2027 anchored around three pillars
Strategic focus towards 2027 is anchored around three strategic pillars Scale & Technical Customer & Simplicity Excellence Commercial Excellence Leverage increased size to Scale world -class portfolio Scale proven commercial combine IT systems, simplify management and advance successes across the gr
Slide 38: Drive technical excellence with targeted efforts and data accuracy
Drive technical excellence with targeted efforts and data accuracy Non -exhaustive examples Improve portfolio Optimise individual Enhance advanced management underwriting process pricing Scale Swedish best practices to improve Continue focusing on Enhance sophisticated pricing with underperforming s
Slide 39: Drive technical excellence with targeted efforts and data accuracy
Drive technical excellence with targeted efforts and data accuracy Non -exhaustive examples Improve portfolio Optimise individual Enhance advanced management underwriting process pricing Scale Swedish best practices to improve Continue focusing on Enhance sophisticated pricing with underperforming s
Slide 40: World-class technical excellence from Sweden scaled to Denmark & Norway
World-class technical excellence from Sweden scaled to Denmark & Norway Sweden has a proven toolbox for Now serving as a major inspiration for optimising portfolios Denmark and Norway 2027 ambition Clear roles and mandates to ensure one source of truth DKK ~200m ISR from structured portfolio managem
Slide 41: Private Norway revitalised its portfolio with tools from Sweden
Private Norway has revitalised their portfolio by adopting tools and methodologies from Sweden A wide array of tools, processes, and This results in the portfolio becoming strategies has been adopted significantly more profitable and sustainable 2027 ambition Advanced customer segmentation Moving fo
Slide 42: Drive technical excellence with targeted efforts and data accuracy
Drive technical excellence with targeted efforts and data accuracy Non -exhaustive examples Improve portfolio Optimise individual Enhance advanced management underwriting process pricing Scale Swedish best practices to improve Continue focusing on Enhance sophisticated pricing with underperforming s
Slide 43: Improve individual underwriting process with new platform
Improve individual underwriting process with new platform, setting foundation for advanced underwriting New UW platform enables strong UW platform delivers significant optimisation of individual underwriting COR improvement 2027 ambition Share of commercial portfolio underwritten individually Combin
Slide 44: UW Platform drives improvements in Norway and Denmark
UW Platform drives improvements in Norway and Denmark, Sweden being rolled out Roll-out of UW Platform is progressing well from UW Platform supports Tryg’s 30 percent at CMD to 60 percent today ambition for profitable growth 2027 ambition High adoption rate ensures UW Platform gives a foundation SE'
Slide 45: Drive technical excellence with targeted efforts and data accuracy
Drive technical excellence with targeted efforts and data accuracy Non -exhaustive examples Improve portfolio Optimise individual Enhance advanced management underwriting process pricing Scale Swedish best practices to improve Continue focusing on Enhance sophisticated pricing with underperforming s
Slide 46: Faster time to market and better pricing with frequent tariff updates
Faster time to market and better pricing with more frequent tariff updates Pricing sophistication improved After implementing unified platform where by implemented actions applicable, utilisation of AI begins 2027 ambition Current implementation level of the new platform Private Lines Commercial Lin
Slide 47: Enhancing core capabilities for benefit realisation
Enhancing the core capabilities allows for increased focus on benefit realisation through the rest of the strategy period Strengthening the core has Private Norway showcases the impact of AI in remained key focus across Scandi tariffs, improving both top and bottom line 2027 ambition Profitable grow
Slide 48: Inflation signals are rising but impact on Tryg remains limited
Click to edit Inflation Master signals aretitle style rising but impact on Tryg remains limited Markets signal higher short-term No material impact to date – uncertainty Impact is concentrated in motor inflation remains and we monitor closely and property Short term inflation expectations increased,
Slide 49: Approach to short term inflation impacts from increased oil prices
Our view and approach to handle short term inflation impacts from increased oil prices Inflation effects are handled by Oil and energy prices are mainly impacting motor pricing, procurement agreement and spare parts and building materials our approach to technical excellence Overview of simplified i
Slide 50: Q&A
Q&A
Slide 51: CFO perspectives
CFO perspectives Allan Kragh Thaysen Group CFO
Slide 52: Solvency ratio historical development
Solvency ratio historical development (%) CMD 2024 "Long term, the solvency ratio is expected to gravitate towards a less conservative level" Net solvency impact of 4pp from DK workers’ -3pp compensation ruling in Q2 2026 20
Slide 53: Strong and stable capital generation
Strong and stable capital generation Insurance service result to operating earnings Expected operating earnings in a normalised year (DKKm) Illustrative example based on ISR 2027 mid-point • Tryg’s insurance portfolio is a strong generator of Insurance service result 8,200 capital, best reflected by
Slide 54: Solvency development (illustrative)
Solvency development (illustrative) Expected solvency ratio development in a normalised year (%) ~+3-5pp • Excess capital generation in Tryg can be simplified as operating earnings net dividends and SCR movements from business evolution ~86 ~78 ~3-5 • As Tryg targets a stable increasing dividends ca
Slide 55: Why Tryg is a special one – high profitability and low volatility
Why Tryg is a special one – high profitability and low volatility Share of Private Lines business (%)1 Geographical diversification2 Volatility in earnings3 Investment risk4 Tryg Sampo Tryg Tryg Sampo Tryg Sampo Gjensidige Alm. Brand Gjensidige Alm. Brand Alm. Brand Gjensidige Alm Brand Gjensidige S
Slide 56: Q&A
Q&A
Slide 57: Thank you
THANK YOU