Q3 2024 Tryg A/S Earnings Call Transcript
Key Points
- Tryg AS (FRA:T2V1) reported a solid insurance revenue growth of 3.9%, driven by price increases across all segments.
- The company achieved a strong insurance service result of DKK2.13 billion, aided by lower large-in-weather claims.
- The combined ratio improved to 78.2% in the quarter, with a 30 basis points improvement in the group underlying claims ratio.
- The investment result was robust at DKK444 million, with positive returns across virtually all asset classes.
- Tryg AS (FRA:T2V1) maintained a very robust solvency ratio of 202%, supporting future capital repatriation.
- The corporate segment reported a decline in revenue, aligning with the strategic rebalancing efforts.
- The private segment experienced an underlying claims ratio deterioration of 20 basis points, indicating ongoing challenges.
- Interest rates were approximately 100 basis points lower than the previous year, impacting the combined ratio by around 1%.
- The company faces challenges in reaching its customer satisfaction target of 88 by year-end.
- The expense ratio, although slightly lower than guidance, remains a focus area for cost control and efficiency improvements.
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Good morning, everybody. My name is Gianandrea Roberti, I'm head of Investor Relations at Tryg. We published our Q3 results earlier this morning. And I have here with me, Johan Brammer, Group CEO; Allan Thysen, Group CFO; and Mikael Karraten, Group CTO, to present the figures.
Before that, I would just like to remind everybody to ask one question at a time. And with these words, over to you, Johan.
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Thanks for that, Gian, and I will turn straight to slide 3 and the financial highlights. And I'm pleased that the highlights show solid ISR numbers, solid combined ratio numbers, and solid dividend and solvency numbers. So let's dive in.
Tryg is reporting an insurance revenue growth of 3.9%, primarily driven by price increases across all segments. The private and the commercial combined, they grew more than 6%
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