Tryg A/S Ord New (TGVSF) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everybody. My name is Gian Andrea Roberti. I'm a head of financial reporting at TREC. We published our Q1 figures earlier this morning, and I have here with me Johan Brammer, our Group CEO, Alan Tyson, our Group CFO, and Mikkel Schersten, our Group CTO, to present the numbers. With these few words, over to you, Johan. Thanks a lot, Gian, and a very good morning from me as well. This is a good day, and I will go straight to the first section of the presentation. Well, I'll start by commenting on the financial highlights as usual, as well as comment a bit on the revenue development. So, TOEIC reports a premiums growth of 3.5%, primarily driven by the private segment, and in particular by our Norwegian business, whereas the commercial segment reports a lower growth, also following a challenging first-of-gen renewal. The insurance service result was a strong 1.655 billion DKK, driven by a strong combined ratio of 84%. The group underlying claims ratio improved by 45%, showing an improvement compared to recent trends. This is primarily driven by profitability initiatives in Norway. The investment result was 2 million GKK positive in a quarter that experienced the return of sharp volatility in capital markets following high geopolitical tensions in the Middle East. Equities dropped, Corporate spreads widened and interest rates moved upwards following changes to inflation expectations. But as a reminder, we have a very conservative asset mix made up primarily by Danish and Scandinavian covered bonds. We have no equities. I repeat, we have no equities in the mix, and hence we did well in the midst of the storm. The pre-tax result was 1.276 billion. Operating EPS was 1.85, and the return on owned funds was 28.6%. Finally, TREC pays a Q1 dividend per share of 2.1...