Tryg (TRYG.CO): 2Q’26 earnings preview: Expect a fairly normal quarter with investor focus on growth and longevity of margin expansion

Research evidence excerpt

Tryg (TRYG.CO): 2Q’26 earnings preview: Expect a fairly normal quarter with investor focus on growth and longevity of margin expansion

Equity Research

6 July 2026 | 9:31PM BST

Tryg (TRYG.CO): 2Q’26 earnings preview: Expect a fairly normal quarter

with investor focus on growth and longevity of margin expansion

Tryg reports its 2Q’26 earnings on July 10. Overall, we are 1% below Vash Gosalia, CFA

+44(20)7051-0132 |

company-compiled consensus EPS driven by lower investment income, higher other vash.gosalia@gs.com

Goldman Sachs International

costs and lower tax rate assumption. Within the investment income we MTM the

Andrew Baker, CFA

portfolio using the benchmark indices and provide modest benefit for the +44(20)7051-2074 |

real-estate portfolio. We also note that the Danish WC charge in Denmark drives our andrew.x.baker@gs.comGoldman Sachs International

lower tax rate assumption in the quarter. On the insurance service result, we are 1% Alice Palumbo

ahead of consensus driven by 20bps better than consensus COR estimates which is +44(20)7051-2403alice.palumbo@gs.com|

underpinned by a favourable large loss estimate vs budget. Our large loss estimate Goldman Sachs International

Giridharassumption is underpinned by consistently better than budgeted experience. We are Ankitha | +1(332)245-7972

1pp ahead of consensus on the Solvency II estimate wherein we adjust for the Danish ankitha.giridhar@gs.com Goldman Sachs India SPL

WC and account for interest rate and FX sensitivities.

We believe that at the 2Q’26 results, the focus will continue to be on topline growth.

The group has flagged in the past new commercial initiatives, and we will look for

developments on those initiatives. We would also be looking for improvements in the