Tryg - First Glance; Reinsurance Attachment Points; Greek flows: Financials Sector Specialist Commentary Banks · Insurance · Diversified Financials

Research evidence excerpt

Tryg - First Glance; Reinsurance Attachment Points; Greek flows: Financials Sector Specialist Commentary Banks · Insurance · Diversified Financials

Gigi Sparling - Specialist Sales - European Financials AC (44-20) 7134-0355 Europe Specialist Sales J P M O R G A Nghislaine.sparling@jpmorgan.com

J.P. Morgan Securities plc 10 July 2026

Tryg - First Glance; Reinsurance Attachment Points; Greek flows

Gigi Sparling

+44 207 134 0355

ghislaine.sparling@jpmorgan.com

3 Key Highlights Today:

1. Tryg: First Glance - 15% beat but lower growth for H2.

2. Love Actuary - Focus on attachment points.

3. Greece Upgrade to Developed Markets - Passive Flow Estimates.

Use the links below to jump straight to each section:

The Detailed Highlights

Post results, Newswires & Away from Us

Global Financials wrap, Trading Recap and Colour

Global Financials Research Links

Global Macro Research Links

Save the Date: J.P. Morgan Events

J.P. Morgan Financials Contacts

The Detailed Highlight

Tryg: First Glance - 15% beat but lower growth for H2. Reported PBT 15% ahead of company consensus largely driven by a

much better investment result (DKK262m vs cons DKK130m). The group combined ratio was right in line with cons at 88.8%,

with higher large claims being mostly offset by a better run-off result. The group underlying claims ratio improved by 50bps,

ahead of consensus 30bps/JPMe 40bps, with the Private unit improving 60bps YoY. Group insurance revenue was in line with

cons, and grew 3.3% in local currencies, which is lower than the 3.5% level we saw at Q1. In line with its strategy, the group

continued to reduce real estate exposure in Q2, with an additional sell-down after the reporting date. Solvency was ahead 196% vs

cons 192%, partly benefitting from the property sell-down, and quarterly DPS in line.