Slide 1: Tryg Q1 2026 results
Tryg Q1 2026 results Investor presentation
Slide 2: Contents
01| Highlights Q1 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 28 08| Background material 30 09| Disclaimer 49 2
Slide 3: Highlights Q1 2026
Highlights Q1 2026
Slide 4: Financial highlights Q1 2026
1 Highlights Q1 2026 Financial highlights Q1 2026 Insurance service result of DKK 1,655m Combined ratio of 84.0% Investment result of DKK 2m DPS of DKK 2.15 7% Claims ratio Expense ratio Ordinary dividend 84.2 84.0 8.20 1,655 7.40 7.80 1,540 13.3 13.3 6.29 2.05 2.05 320 70.9 70.8 2.05 2.15 2 2.05 2.
Slide 5: Customer highlights Q1 2026
1 Highlights Q1 2026 Customer highlights Q1 2026 Customer satisfaction KPI Customer satisfaction development +1 83 82 81 • Tryg has achieved a strong customer satisfaction score of 82 for the quarter, reflecting ongoing efforts to enhance the customer journey and supporting a strong trajectory towar
Slide 6: Group insurance service result and segment split
1 Highlights Q1 2026 Group insurance service result and segment split Insurance service result and Combined ratio, Private segment (DKKm) (%) 86.6 84.8 1,087 • Higher ISR driven by a good top-line growth, an 890 improved underlying claims ratio and a higher run-off • In particular, the Norwegian pri
Slide 7: Group insurance service result and geographical split
1 Highlights Q1 2026 Group insurance service result and geographical split Insurance Denmark (DKKm)service result and Combined ratio, Denmark (DKKm) (%) 82.8 82.4 795 815 Group insurance service result, walk (DKKm) Q1 2025 Q1 2026 Q1 2025 Q1 2026 Run-off Q1 2026: DKK 118m or 2.6% (Q1 2025: DKK 64m o
Slide 8: Positive trajectory continues in Norway
1 Highlights Q1 2026 Positive trajectory continues in Norway Combined ratio, per quarter -1.6pp • In Q1 2026, combined ratio experienced a 1.6pp improvement y/y despite very low large and weather claims in Q1 2025 102.2 96.7 96.4 93.7 95.2 93.9 95.3 93.7 • Q1 2026 marked the seventh consecutive quar
Slide 9: Insurance revenue development
Insurance revenue development
Slide 10: Insurance revenue grew 3.5% in local currencies compared to Q1 2025
2 Insurance revenue development Insurance revenue grew 3.5% in local currencies compared to Q1 2025 Insurance revenue growth by segment Q1 2026 in local currencies (%) 5.0 • Tryg delivered 3.5% revenue growth in Q1 2026, primarily driven by the Private segment following portfolio growth in selected
Slide 11: 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 88.6 88.8 87.6 87.7 85.4 86.3 100 90 80 DK NO SE 70 Q4 2025 Q1 2026 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 20 20 2
Slide 12: Claims development
Claims 7a Pr development y}
Slide 13: Underlying claims ratio improved 40 basis points for the Group
3 Claims development Underlying claims ratio1 improved 40 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" -40 bps • Group underlying claims ratio of 71.6%, an improvement 72.0 69.0 71.
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 800 800 591 587 555 570 600 428 259 600 457 172 200 320 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, DKK 48bn Denmark 15 MATCH Norway 11 (DKK 48bn) Total Investments Total investments Sweden 23 DKK 62bn of DKK 62bn, hereof: 77% 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) Q1 2026 Q1 2025 • Financial markets experienced significant volatility in Q1 following the Free portfolio -6 73 escalation of the Middle East conflict, driving sharp increases in energy prices Match
Slide 18: Solvency and expenses
Solvency and expenses
Slide 19: Group operating capital generation of 19% in Q1 2026
5 Solvency and expenses Group operating capital generation of 19% in Q1 2026 Own funds (DKKm) 1,108 • Solvency ratio at the end of Q1 2026 is 192% (Q4 2025: 13,570 54 13,192 196%) 3,018 -1,314 -226 3,089 Tier 2 • As expected, the solvency position at the end of Q1 2026 1,889 was impacted by the reve
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" 201 200 202 204 195 198 199 197 195 196 195 199 196 194 191 192 188 184 180 179 175 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
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 208 Interest rate risk is very low as function of our 197 196 195 197 matching strategy 1
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 Q1 2026 13.5 13.4 13.3 13.5 13.3 13.6 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 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: New partnership with Carbucks unlocks improved customer experience and more cost-efficient claims handling
6 Update on strategy & financial targets New partnership with Carbucks unlocks improved customer experience and enables a more cost- efficient claims handling Scale & Simplicity Carbucks implemented in Denmark and … and we will accelerate number of claims Sweden... handled by Carbucks Carbucks focus
Slide 26: Financial and strategic targets for 2027
6 Update on strategy & financial targets Financial and strategic targets for 2027 26
Slide 27: 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 28: Q1 2026 roadshows & conferences
7 Roadshows & conferences Q1 2026 roadshows & conferences Date Event Participants from Tryg Arranged by 15/04/2026 Copenhagen Roadshow Johan Kirstein Brammer, CEO, Allan Kragh Thaysen, CFO, Mikael Kärrsten, CTO, Investor Relations Nordea 16/04/2026 London Roadshow Johan Kirstein Brammer, CEO, Gianan
Slide 29: 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 30: Background material
Background material
Slide 31: 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 four
Slide 32: 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 33: 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 34: 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 35: 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 36: 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 37: 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 38: Reserves and run-off split by line of business
8 Background material Reserves and run-off split by line of business Reserves by product Q1 2026 10% 7% 30% Health and accident Motor 7% Workers comp Fire & property - Private 7% Liability Fire & property - Commercial Other 16% 23% Run-off, net of reinsurance (%) 4.0 2.4 2.3 2.4 2.5 2.0 2.1 1.7 0.6
Slide 39: 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 40: 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 41: 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 42: 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 42
Slide 43: Every 4th Dane received a bonus! 7% in 2026
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 44: ESG ratings
8 Background material ESG ratings 44
Slide 45: 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 3.0 2.1 GDP growth 1.1 1.0 1.0 Private consumption 2.0 2.2 2.6 Private consumption 2.7 2.3 2.2 Unemployment 2.9 3.0 3.4 Unemp
Slide 46: 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 47: 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 48: Reported figures Q1 2026 and Consensus 2026-2028
8 Background material Reported figures Q1 2026 and Consensus 2026-2028 Q1 2026 Q1 2026 2026 2027 2028 DKKm Reported Consensus Consensus Consensus Consensus Insurance revenue 10,375 10,320 42,367 43,978 45,577 Insurance service result 1,655 1,518 8,066 8,467 8,858 Net investment result 2 -13 273 375
Slide 49: 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