Tryg books 73% surge in pre-tax profit in Q2
Scandinavian insurer Tryg reported a 73% jump in pre-tax profit for the second quarter of 2024 to DKK2.13bn (€285m), helped by lower losses from large claims. The group’s combined ratio improved to 76.8% from 80.9%.
Reporting Q2 and H1 results, Tryg said its total pre-tax profit at the mid-year point was up 30% to DKK3.14bn (€420m).
Insurance revenue was up 3.9% in the second quarter, driven by price increases across all segments to offset inflationary pressure, Tryg said. But it said there was a “continued and expected” drop in revenue from corporate lines following a higher churn earlier in the year.
First-half results booked a 4.2% gain in insurance revenue and closed the period with a combined ratio of 81.7% from 82.4%. The group’s investment result more than doubled to DKK464m (€62m) in H1.
The group’s insurance service result strengthened to DKK2.21bn (€296m) in the second quarter, up 26% with growth in both private and commercial business units. The first-half number stood at DKK3.49bn (€467m), up 8%. But Tryg said higher motor claims frequency and higher average claims cost had impacted its underlying claims ratio by 40 basis points in private insurance.
Group CEO Johan Kirstein Brammer said the results are “a solid stepping stone” towards its full-year financial targets.
“Our strong position in Scandinavia enables us to scale our business and reap new commercial opportunities. We are yet to see the full potential of these opportunities in the upcoming years, and this makes me optimistic about the future,” he said.
