Tryg A/S Ord New (TGVSF) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

My name is Gianandrea Roberti. I'm a head of financial reporting at TREC. We published our full year figures earlier this morning, and I have here with me Johan Brammer, our Group CEO, Allan Theisen, our Group CFO, and Mikael Schersten, our Group CTO, to present the report. And with these words, over to you, Johan. Thanks a lot, Gian, and good morning from me as well. This is a good day, and I'll ask you to go to the financial highlights, the first slide of the deck. SROEK is today reporting an insurance service result of 1.918 billion in Q4, driven by an excellent combined ratio of 81.4%. The result is delivered through a top-line growth of 4.1%, driven by increased commercial activities, as well as profitability measures, especially in Norway. In addition, and this is important, the result is also held by a favorable large and weather claims experience, despite the storm aiming in Norway. This is an example of the benefit we get from being a well-diversified company with three strong market positions across Scandinavia. The underlying performance continues to develop positively, much in line with recent quarters, and more specifically, the underlying claims ratio improves with 30 basis points for both the group and for the private segment in Q4. The investment result is 171 million, held by good returns on the free, but also especially the match portfolio. And more importantly, as flagged in the Q3 report, we divested more than 500 million extra properties in Q4, and we can today report that our property exposure is down to 2.3 billion, down by 1 billion from the end of 2024. To sum it up, the pre-tax result is just above 1.7 billion, the return on loan funds for the quarter is just below 37%, and we are paying a quarterly dividend of 2.05 DKK per share, in line, o...