Overview of Tryg A/S Interim Report for Q3 and Q1-Q3 2024
The Supervisory Board of Tryg A/S has approved the interim report for the third quarter and the first three quarters of 2024. This report highlights the company's ongoing commitment to delivering strong results and showcasing its position in the insurance market.
Key Financial Highlights of Q3 2024
In the third quarter of 2024, Tryg reported a remarkable insurance service result of DKK 2,130 million, up from DKK 1,513 million in the same quarter last year. The combined ratio improved to 78.2%, a significant improvement from 83.8% in Q3 2023. This improvement is attributed to the effective management of large and weather-related claims, which were lower than in previous years.
Profitability and Growth Metrics
- Insurance revenue grew by 3.9% in local currencies, compared to a 4.4% increase in Q2 2024.
- The underlying claims ratio improved by 30 basis points, reflecting the benefits of ongoing profitability initiatives.
- Top-line growth was driven primarily by necessary price adjustments across segments to counter inflationary pressures.
- Investment results for the quarter reached DKK 444 million, up from DKK 265 million, showcasing strong returns across all asset classes.
- The pre-tax profit climbed to DKK 2,134 million, up from DKK 1,225 million, with net profit after tax reported at DKK 1,611 million.
- A quarterly dividend increased to DKK 1.95 per share, reflecting a 5% rise from the previous DKK 1.85 per share.
- The solvency ratio stands strong at 202%, indicating robust financial health and future dividends potential.
Financial Overview for Q1-Q3 2024
Looking at the cumulative results for the first three quarters of 2024, Tryg demonstrated solid performance:
- Insurance revenue growth of 4.2% in local currencies, compared to 4.3% in the prior year period.
- An insurance service result of DKK 5,617 million, showing a healthy increase from DKK 4,745 million.
- The combined ratio for this period improved to 80.5%, down from 82.9% in the same period last year.
- The expense ratio held steady at 13.5%, a slight increase from 13.3%.
- Investment results totaled DKK 908 million, nearly doubling from DKK 485 million previously.
- Profit before tax reached DKK 5,270 million, alongside a dividend per share of DKK 5.85, up from DKK 5.55.
Customer Satisfaction and Future Outlook
Customer satisfaction has remained strong, with a score of 86, reflecting ongoing commitment to quality service.
Message from the CEO
Group CEO Johan Kirstein Brammer remarked on the solid results for the third quarter, emphasizing Tryg’s operational strength across Denmark, Norway, and Sweden. Brammer noted that these results pave the way for an upcoming strategy presentation, which aims for an insurance service result between DKK 7.2 and 7.6 billion and a combined ratio at or below 82% by year-end 2024.
Upcoming Engagements and Investor Relations
To discuss these results, Tryg will host a conference call today. The call will include presentations from key executives, including the CEO and CFO, followed by a Q&A session. Participants can join from different regions using the provided phone numbers. The call will be conducted in English and an on-demand version will be made available post-call.
Contact Information
For further inquiries, please reach out to:
- Gianandrea Roberti, Head of Investor Relations, SVP, +45 20 18 82 67, gianandrea.roberti@tryg.dk
- Peter Brondt, Investor Relations Director, +45 22 75 89 04, peter.brondt@tryg.dk
- Camilla Lercke, Head of Communications, SVP, +45 53 39 23 84, camilla.lercke@tryg.dk
Frequently Asked Questions
What are the main highlights from Q3 2024 report for Tryg A/S?
Tryg reported an insurance service result of DKK 2,130 million, a combined ratio of 78.2%, and a quarterly dividend increase to DKK 1.95 per share.
How did Tryg A/S perform in the first three quarters of 2024?
Tryg achieved an insurance service result of DKK 5,617 million with a combined ratio of 80.5% for Q1-Q3 2024, alongside strong investment results.
What is the outlook for Tryg A/S for the coming year?
The company aims for an insurance service result between DKK 7.2 and 7.6 billion, with a combined ratio at or below 82% by the end of 2024.
Who can I contact for investor relations at Tryg A/S?
Gianandrea Roberti, Head of Investor Relations, is the primary contact, available at +45 20 18 82 67 or via email.
When will Tryg A/S hold its next conference call?
The conference call is scheduled for today, where executives will discuss the interim results and take questions from participants.
