Q2 2024 Tryg A/S Earnings Call Transcript
Key Points
- Tryg A/S (FRA:T2V1) reported an insurance revenue growth of 3.9%, driven by price adjustments across all business units.
- The combined ratio for the quarter was 76.8%, likely the best combined ratio for a quarter ever, driven by strong Swedish performance.
- The investment result was DKK347 million, supported by positive returns on most asset classes, especially equities and covered bonds.
- Tryg A/S (FRA:T2V1) is paying a quarterly dividend per share of DKK1.95 and reports a very healthy solvency ratio of 195%.
- Customer satisfaction score improved to 86 in Q2 2024, up from 85 in Q1, driven by efficient processes and customer communications.
- The corporate segment reported a revenue decline, in line with the strategy to reduce exposure to this segment.
- The underlying claims ratio for the private segment deteriorated by 40 basis points.
- Weather claims were DKK104 million in Q2, slightly above expectations of DKK80 million for the quarter.
- The Norwegian private lines segment still faces profitability challenges, despite some improvements.
- The growth in Sweden was slightly below expectations, impacted by inflation and macroeconomic conditions.
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Good morning, everybody. My name is Gianandrea Roberti. I'm Head of Investor Relations at Tryg. We published our Q2 results earlier this morning, and I have here with me Johan Brammer, Group CEO; Allan Thaysen, Group CFO; and Mikael Karrsten, Group CTO, to present the figures.
Before that, I'd just like to remind everybody to ask one question at a time to allow the highest number of questions from participants. With these words, over to you, Johan.
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Thanks a lot, Gian. And before I kick it off, I'd like to stress that after a few quite noisy quarters, we are very pleased to report a quiet quarter on multiple fronts. This is a quarter that brings us a little back to being a leading and slightly boring Scandinavian insurer, with high and stable profitability levels.
And with that, in this Q2, Tryg reports an insurance revenue growth of 3.9%,
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