Tryg A/S - Annual report 2024

Tryg A/S - annual report 2024

Tryg's Supervisory Board has today approved the annual report 2024.

Tryg reported an insurance service result of DKK 7,324m (DKK 6,399m) and a combined ratio of 81.0% (82.8%) in 2024. The higher insurance service result was supported by a growth of 4.1% in local currencies, a benign large claims experience, and the delivery of accumulated synergies of DKK 930m from the RSA Scandinavia acquisition. The investment result was DKK 643m (DKK 631m) driven by positive returns across most asset classes. Pre-tax profit was DKK 6,303m (DKK 5,029m) and profit after tax was DKK 4,816m (DKK 3,851m). Ordinary dividend of DKK 7.80 (DKK 7.40) per share for the full year, an increase by more than 5% from last year. The reported solvency ratio at the end of 2024 was 196%, supporting future shareholders' remuneration. Tryg launched a DKK 2bn buyback on 4 December 2024, some DKK 546m have been bought back as per 17 January 2025.

Financial highlights 2024

• Insurance revenue growth of 4.1% in local currencies (4.8%)

• Insurance service result of DKK 7,324m (DKK 6,399m)

• Combined ratio of 81.0% (82.8%)

• Expense ratio of 13.5% (13.4%)

• Investment result of DKK 643m (DKK 631m)

• Profit before tax of DKK 6,303m (DKK 5,029m)

• Ordinary dividend of DKK 7.80 (DKK 7.40) per share and solvency ratio of 196% year end

• All financial targets for 2024 have been achieved

Financial highlights Q4 2024

• Insurance revenue growth of 3.6% in local currencies (6.3%)

• Insurance service result of DKK 1,708m (DKK 1,654m)

• Combined ratio of 82.5% (82.4%)

• Expense ratio of 13.3% (13.5%)

• Investment result of DKK -265m (DKK 146m)

• Profit before tax of DKK 1,033m (DKK 1,389m)

• Dividend per share of DKK 1.95 (DKK 1.85) per share

Customer highlights 2024

• Customer satisfaction score of 87 (86)

Statement by Group CEO Johan Kirstein Brammer:
"2024 was a year of satisfactory results, and we are pleased to have reached all our financial targets for both the full year and the entire strategy period. We emerge from a period of significant macroeconomic challenges with solid key figures and a strengthened core business. This demonstrates Tryg's resilience once again as we continue to deliver on the commitments made to both customers and shareholders" says Johan Kirstein Brammer, Group CEO, Tryg.

"Moreover, we have successfully conducted a de-risking of our Corporate portfolio, while also delivering on the ambitious synergy and ROOF targets set for the strategy period. These results represent an excellent opportunity to further improve Tryg's market position and provide a strong foundation to raise our ambitions with the new strategy towards 2027" he says.

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 IR, 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