Tryg (AO) | Hold | Q2 first take: in-line underwriting, slower growth in 2026

Research evidence excerpt

Tryg (AO) | Hold | Q2 first take: in-line underwriting, slower growth in 2026

News comment

Release date: 10 July 2026

Batikan Kaya

Equity Research Analyst

+44 207 621 5148

bkaya@keplercheuvreux.com

Fahad Changazi

Hold +44 207 621 5151Tryg

fchangazi@keplercheuvreux.com

Denmark | Insurance Beta Profile: MCap: DKK91.8bn

Target Price: DKK160.00 Bloomberg: TRYG DC Reuters: TRYG.CO

Current Price: DKK154.00 Free float 52%

Up/downside: 3.9% Avg. daily volume (DKKm) 229.3

YTD abs performance -7.5% Market data: 09 July 2026

52-week high/low (DKK) 169.70/147.20

Q2 first take: in-line underwriting, slower growth in 2026

Key points:

Tryg reported a broadly in-line Q2 operating result, with insurance revenue in line with consensus and insurance service result

marginally ahead. Revenue growth was 3.3%, primarily driven by the Private segment, which grew 5.0%.

The combined ratio was exactly in line with consensus at 88.8%, while the underlying claims ratio was slightly better than

expected and improved 50bps YOY. As expected, Tryg recognised the pre-announced DKK1.2bn Danish workers’ compensation

charge; we believe Tryg has taken a conservative approach and do not expect further material charges from this issue.

Net profit was 21% ahead of consensus, supported by a better investment result and lower tax, while solvency was strong at

196%, 4pps above consensus.

The stock has underperformed the SXIP by 12% YTD, but outperformed by 2% over the last week. Given this, we expect the shares

to trade broadly flat today. While the underlying claims improvement, strong solvency and no new negative surprise on Danish

workers’ compensation are reassuring, the result is not a clean beat, with operating EPS 3% below consensus and the FY 2026