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

Investor webinar replay

Replay transcript excerpt

Good morning, everybody. My name is Gian Andrea Roberti. I'm head of financial reporting at TREC. We published our Q2 figures earlier this morning, and I have here with me Johan Brammer, our Group CEO, Allan Theissen, our Group CFO, and Mikael Carsten, our Group CTO, to present the figures. And with these words, over to you, Johan. Thanks a lot, Gian Andrea, and good morning from me as well. And I will move straight to slide four in the deck and the financial highlights. And I'll start by commenting on our insurance service result that exceeded 2.3 billion in the second quarter, driven by a strong combined ratio of 77.2. I'll repeat that, a strong combined ratio of 77.2. And in that context, it is probably important to remind you all that we restated our quarterly figures for 2024 due to an accounting change for our inflation hedge, and that you can find all restated figures for 2024 published in the newsletter we sent out in March. The restatement impacts primarily the runoff result in a negative manner, and therefore the ISR, and the investment result in a positive manner. Moving on from that, our insurance revenue grew 4%, primarily driven by good growth in the private segment, which grew 4.4%. And as for our ISR in the quarter, it increased by 4.3% compared to the reported figures, which is roughly in line with the top-line development. It increased more against the restated figures, but this is, as mentioned, driven by a lower runoff in 2024 as per the accounting change and hence less relevant. Our underlying claims ratio improved by 30 bps, while the private segment improved by 20 bps, off from the 10 basis points in the previous quarter. From a geographical perspective, the quarter was strong across the board and we see improvements in line with our expectatio...