Tryg (TRYG.CO): 2Q26 results first take: Strong 15% PBT beat based on higher UL improvement backed by investment result

Research evidence excerpt

Tryg (TRYG.CO): 2Q26 results first take: Strong 15% PBT beat based on higher UL improvement backed by investment result

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10 Jul 2026 02:58:21 ET │ 12 pages

Tryg (TRYG.CO)

2Q26 results first take: Strong 15% PBT beat based on higher UL

improvement backed by investment result

CITI'S TAKE Neutral

Price (09 Jul 26 17:00) Dkr154.00 A ~15% beat on PBT only driven by an investment result (DKK 262mn vs

Target price Dkr155.20 Cons. DKK 130mn) as insurance service result was in line. Group’s

underlying profitability improved by 50bps YoY, higher than expectation, Expected share price return 0.8%

mainly driven by improvement in underlying claims ratio of both private Expected dividend yield 5.6%

and commercial line. Combined ratio reported was in line with consensus Expected total return 6.4%

as lower than expected run-off losses were offset by higher large claims Market Cap Dkr92,444M

than normalized levels. Interim dividend is in line and Solvency 4ppts US$14,145M

better than consensus. Despite competitive market, customer retention in

private segment improved in recent quarters while that of commercial

segment has stabilized. This print looks good due to incremental

improvement in UL claims ratio, lower run-off losses and better solvency James A ShuckAC

than expected backed by strong investment result. +44-20-7986-3975

james.shuck@citi.com

Group’s underlying claims ratio of 66% is better than cons — Tryg reported a Prathamesh Chavan, CFA

50bps YoY improvement in its group’s underlying claims ratio better than consensus +91-22-4277-5016

(30bps improvement) and the recent trend (See Figure 2). Private segment recorded prathamesh.chavan@citi.com

upward movement in UL claims ratio improvement (60bps YoY) which is better than

the recent trend (See Figure 3).