Tryg A/S Ord New (TGVSF) Q2 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:03.696 Good morning, everybody. My name is Gian Andrea Roberti. 00:00:03.696 -- 00:00:08.783 I'm head of financial reporting at TREC. We published our Q2 figures earlier this 00:00:08.783 -- 00:00:13.969 morning, and I have here with me Johan Brammer, our Group CEO, Allan Theissen, our Group 00:00:13.969 -- 00:00:18.415 CFO, and Mikael Carsten, our Group CTO, to present the figures. 00:00:18.415 -- 00:00:21.119 And with these words, over to you, Johan. 00:00:21.119 -- 00:00:24.143 Thanks a lot, Gian Andrea, and good morning from me as well. 00:00:24.143 -- 00:00:28.651 And I will move straight to slide four in the deck and the financial highlights. 00:00:28.651 -- 00:00:33.856 And I'll start by commenting on our insurance service result that exceeded 2.3 billion 00:00:33.856 -- 00:00:38.699 in the second quarter, driven by a strong combined ratio of 77.2. 00:00:38.961 -- 00:00:41.223 I'll repeat that, a strong combined ratio of 77.2. 00:00:41.223 -- 00:00:46.328 And in that context, it is probably important to remind you all that we restated 00:00:46.328 -- 00:00:51.513 our quarterly figures for 2024 due to an accounting change for our inflation hedge, 00:00:51.513 -- 00:00:56.318 and that you can find all restated figures for 2024 published in the newsletter we sent 00:00:56.318 -- 00:00:58.047 out in March. 00:00:58.047 -- 00:01:02.253 The restatement impacts primarily the runoff result in a negative manner, and therefore 00:01:02.253 -- 00:01:07.157 the ISR, and the investment result in a positive manner. 00:01:07.781 -- 00:01:12.588 Moving on from that, our insurance revenue grew 4%, primarily driven by good growth in 00:01:12.588 -- 00:01:15.790 the private segment, which grew 4.4%. 00:01:16.113 -- 00:01:21.440 And as for our ISR in ...