Tryg A/S Ord New (TGVSF) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everybody. My name is Gianandrea Roberti. I'm head of financial reporting at TREC. We published our Q2 figures earlier this morning, and I'm here with me, Johan Brammer, our Group CEO, Allan Thaysen, our Group CFO, and Mikael Kirstein, our Group CTO, to present the numbers. And with these few words, over to you, Johan. Thanks a lot, Gian, and a good morning from me as well. Today, we report our Q2 earnings, and I will, as usual, begin with the financial highlights. So, revenue grew by 3.3%, with a good solid growth of 5% in the private segment, partly offset by a small revenue drop in the commercial segment, which I'll come back to later in this presentation. The insurance service result totaled 2.39 billion, when adjusting for the well-known one-off charge of 1.2 billion disclosed on April 28, linked to the workers' comp. Including this charge, the reported insurance service result is 1.19 billion for the quarter. The combined ratio, based on the adjusted insurance service result, was an excellent 77.4, boosted by a very strong rock-solid Norwegian performance. Please note that this quarter recorded last claims significantly above quarterly guidance. We're pleased, very pleased to see the underlying claims ratio developing positively, improving 50 bps, thanks to the profitability actions taken the last few years to fight off the inflationary pressures. The private segment improved 60 bps. The overall investment result was a robust 262 million with both the match and the free portfolio contributing strongly. And our property exposure was reduced by approximately 200 million in the quarter. And on top of that, we're also flagging today an additional 250 million reduction that materialized at the beginning of Q3. In total, that gives us a reduction of 450...