Tryg A/S (TGVSY) Q4 2025 Earnings Call January 22, 2026 4:00 AM EST

Company Participants

Gianandrea Roberti - Investor Relations Officer Johan Brammer - Group CEO & Member of Executive Board Mikael Karrsten - Group Chief Technical Officer & Member of Executive Board Allan Thaysen - CFO & Member of Executive Board

Conference Call Participants

Asbjørn Mørk - Danske Bank A/S, Research Division Mathias Nielsen - Nordea Markets, Research Division Martin Birk - SEB, Research Division Vash Gosalia - Goldman Sachs Group, Inc., Research Division Qian Lu - UBS Investment Bank, Research Division Vinit Malhotra - Mediobanca - Banca di credito finanziario S.p.A., Research Division

Presentation

Gianandrea Roberti Investor Relations Officer

Good morning, everybody. My name is Gianandrea Roberti. I’m Head of Financial Reporting at Tryg. We published our full year figures earlier this morning, and I have here with me Johan Brammer, our Group CEO; Allan Thaysen, our Group CFO; and Mikael Karrsten, our Group CTO, to present the report. And with these words, over to you, Johan.

Johan Brammer Group CEO & Member of Executive Board

Thanks a lot, Gian, and good morning from me as well. This is a good day, and I’ll ask you to go to the financial highlights, the first slide of the deck. Tryg is today reporting an insurance service result of DKK 1.918 billion in Q4, driven by an excellent combined ratio of 81.4%. The result is delivered through a top line growth of 4.1%, driven by increased commercial activities as well as profitability measures, especially in Norway. In addition, and this is important, the result is also helped by a favorable large and weather claims experience despite the storm Amy in Norway. This is an example of the benefit we get from being a well-diversified company with 3 strong market positions across Scandinavia.

The underlying performance continues to