Tryg A/S - interim report Q2 and H1 2025

Tryg's Supervisory Board has today approved the interim report for Q2 and H1 2025.

Tryg reported an insurance service result of DKK 2,307m (DKK 2,020m) and a combined ratio of 77.2% (78.8%) in Q2 2025. The higher insurance service result was supported by a growth of 4.0% (3.9%) in local currencies and a continued underlying profitability improvement. The investment result was at DKK 110m (DKK 538m). Pre-tax profit was DKK 2,035m (DKK 2,129m) and profit after tax was DKK 1,531m (DKK 1,642m). Ordinary dividend of DKK 2.05 (DKK 1.95) per share for the quarter, is an increase of more than 5% from last year. The reported solvency ratio at the end of Q2 2025 was 199% (195% Q1 2025), supportive of future shareholder remuneration.

Financial highlights Q2 2025

• Insurance revenue growth of 4.0% in local currencies (3.9%)
• Insurance service result of DKK 2,307m (DKK 2,020m)
• Combined ratio of 77.2% (78.8%)
• Expense ratio of 13.5% (13.6%)
• Investment result of DKK 110m (DKK 538m)
• Profit before tax of DKK 2,035m (DKK 2,129m)
• Ordinary dividend of DKK 2.05 (DKK 1.95) per share and solvency ratio of 199% (195% Q1 2025)
  
  

Financial highlights H1 2025

• Insurance revenue growth of 3.9% in local currencies (4.4%)
• Insurance service result of DKK 3,846m (DKK 3,300m)
• Combined ratio of 80.7% (82.7%)
• Expense ratio of 13.4% (13.6%)
• Investment result of DKK 430m (DKK 650m)
• Profit before tax of DKK 3,526m (DKK 3,136m)
• Ordinary dividend of DKK 4.10 (DKK 3.90) per share and solvency ratio of 199%
  
  

Customer highlights Q2 2025

• Customer satisfaction score of 82 (baseline 2024 is 81)
  
  

Statement by Tryg Group CEO, Johan Kirstein Brammer:
In the past quarter, we have continued to strengthen our core business, allowing us to report a strong insurance service result for Q2 2025 and maintaining a solid combined ratio. We have once again managed to increase our customer satisfaction, while at the same time improving our underlying claims ratio. We are sustaining strong early progress as we execute our 2027 strategy as a result of several targeted initiatives across our markets such as continued profitability improvements in Norway, while we are firmly in control of developments in the motor portfolio as frequencies and average claims develop favourably.

New accounting policy: Adjusted financial key figures

In March 2025, Tryg published a newsletter on a change in the hedging strategy of inflation risk related to long-tailed lines of business. In accordance with accounting regulation, comparison figures have been restated. Q2 2024 was significantly affected, hence a comparison of reported and restated figures are shown below. The restatement simply moves income between the insurance service result and the investment result, and hence the profit/loss before tax is unchanged. For more details on the inflation hedge, see the IR newsletter.

Restated key figures for Q2 2024 (*):

DKKm	Q2 2025	Q2 2024 reported	Q2 2024 restated
Insurance service result	2,307	2,212	2,020
Net investment result	110	347	538
Other income and costs	-381	-430	-430
Profit/loss before tax	2,035	2,129	2,129

Conference call
Tryg hosts a conference call today at 10:00 CET. CEO Johan Kirstein Brammer, CFO Allan Kragh Thaysen, CTO Mikael Kärrsten and Head of Financial Reporting, SVP Gianandrea Roberti will present the results in brief followed by Q&As.

The conference call will be held in English. An on-demand version will be available shortly after the conference call has ended.

Conference call details:
Danish participants:[phone]
UK participants:[phone]
US participants:[phone]
PIN: 560768

The interim report material can be downloaded on www.tryg.com/downloads-2025 shortly after the time of release.

Contact information:

• Gianandrea Roberti, Head of Financial Reporting, SVP, [phone], [e-mail]
• Robin Hjelgaard Løfgren, Head of Investor Relations, [phone], [e-mail]
• Camilla Lercke Odgaard, Head of Communications, SVP [phone], [e-mail]
  
  

Visit tryg.com for more information.