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Investing.com -- Scandinavian non-life insurer Tryg A/S (CSE:TRYG) reported a jump in the insurance service result to DKK 2.3bn from DKK 2.0bn a year earlier, helped by 4% local-currency revenue growth and a lower combined ratio of 77.2% (78.8%). The expense ratio was stable at 13.5%.
Investment income dropped to DKK 110m from last year’s elevated DKK 538m.
Pre-tax profit came in at DKK 2.0 bn, down slightly from DKK 2.1 bn, while net profit stood at DKK 1.5 bn.
Customer satisfaction score improved to 82 in the quarter, up from a baseline of 81 in 2024.
The company raised its quarterly dividend to DKK 2.05 per share, supported by a strong solvency ratio of 199%.
"In the past quarter, we have continued to strengthen our core business, allowing us to report a strong insurance service result for Q2 2025 and maintaining a solid combined ratio," said Tryg Group CEO, Johan Kirstein Brammer, in the release.
"We are sustaining strong early progress as we execute our 2027 strategy as a result of several targeted initiatives across our markets such as continued profitability improvements in Norway, while we are firmly in control of developments in the motor portfolio as frequencies and average claims develop favourably."
In the first half, insurance revenue increased by 3.9%, and the insurance service result reached DKK 3.8bn versus DKK 3.3bn a year earlier.
The combined ratio improved to 80.7%, and the pre-tax profit rose to DKK 3.5bn from DKK 3.1bn.
Tryg declared an H1 dividend of DKK 4.10 per share.
For 2025, Tryg expects growth to continue in the retail portfolios, with muted expansion in the larger corporate segment. Pricing remains driven by wage inflation, which is still seen around 4%.
Over the longer term, growth is expected from cross- and up-selling as well as new customer acquisition.
Tryg now aims to lift its insurance service result to DKK 8.0–8.4bn by 2027, with a targeted combined ratio of about 81% and return on own funds between 35% and 40%.