Tryg A/S Reports Strong Financial Results for 2024

Tryg A/S Announces Annual Report for 2024

With great pleasure, we announce that Tryg A/S has received approval for its annual report for 2024 from the Supervisory Board. The report showcases notable accomplishments across various financial metrics and strategic initiatives.

Exceptional Financial Performance

In 2024, Tryg A/S reported an impressive insurance service result of DKK 7,324 million, reflecting a growth from DKK 6,399 million in the previous year. The combined ratio improved to 81.0%, down from 82.8%, showcasing the company’s effective management of claims and operational efficiency. This positive trajectory can be attributed to a 4.1% increase in local currency growth and effective synergies from the RSA Scandinavia acquisition, amounting to DKK 930 million.

Investment Results Insight

The investment outcome for Tryg reached DKK 643 million, up from DKK 631 million last year. This growth was supported by favorable returns across most asset classes, contributing to a pre-tax profit soaring to DKK 6,303 million compared to DKK 5,029 million in 2023. Ultimately, the profit after tax saw an uplift to DKK 4,816 million from DKK 3,851 million.

Dividends and Shareholder Value

Continuing its commitment to providing shareholder value, Tryg announced an ordinary dividend of DKK 7.80 per share, which is a notable increase of over 5% from last year. Furthermore, with a solvency ratio registered at 196% by the end of 2024, the company is well-positioned to support future remuneration for its shareholders.

Highlights from Q4 2024

The fourth quarter also demonstrated resilient performance with an insurance revenue growth of 3.6% in local currencies. The insurance service result for the quarter was DKK 1,708 million, slightly up from DKK 1,654 million the previous year. However, the combined ratio stood at 82.5%, presenting a marginal increase compared to 82.4% in 2023.

Quarterly Investment Results

The company's investment result for Q4 shifted to a loss of DKK -265 million from last year's DKK 146 million, reflecting fluctuating market conditions. Profit before tax diminished to DKK 1,033 million from DKK 1,389 million, while the dividend per share for this quarter was noted as DKK 1.95, up from DKK 1.85.

Customer Satisfaction and Company Outlook

Amid these financial achievements, customer satisfaction also saw an encouraging score of 87, up from 86. Group CEO Johan Kirstein Brammer stated, "2024 has been marked by satisfactory financial results, with all our targets achieved, even amidst significant macroeconomic challenges. This confirms Tryg’s resilience and our commitment to both our customers and shareholders."

Strategic Developments Ahead

Brammer also highlighted that successfully de-risking the Corporate portfolio, alongside meeting ambitious synergy targets, has solidified Tryg's market position. These achievements pave the way for heightened ambitions as Tryg moves towards its new strategy scheduled for 2027.

Upcoming Conference Call

To share these results in detail, Tryg will host a conference call with key executives today. This will include presentations elaborating on the results followed by a question-and-answer session. It will be conducted in English, and an on-demand version will also be made available shortly after.

Frequently Asked Questions

What were Tryg A/S's primary financial results in 2024?

In 2024, Tryg reported an insurance service result of DKK 7,324 million, with a pre-tax profit of DKK 6,303 million.

How did customer satisfaction change in 2024?

Customer satisfaction increased to a score of 87, reflecting improvements in service and offerings.

What are the plans moving forward for Tryg A/S?

Tryg aims to enhance its market position and set higher ambitions aimed towards its new strategy for 2027.

What was the dividend per share announced by Tryg for 2024?

The ordinary dividend announced was DKK 7.80 per share, marking a 5% increase from the previous year.

When will the conference call take place?

The conference call is scheduled for today at 10:00 CET, featuring key executives discussing the report.

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