TGVSF - Tryg A/S (TGVSF) Q2 2024 Earnings Call Transcript
2024-07-11 14:46:10 ET
Tryg A/S (TGVSF)
Q2 2024 Earnings Conference Call
July 11, 2024 4:00 AM ET
Company Participants
Gianandrea Roberti - IR Officer
Allan Thaysen - CFO
Johan Brammer - Group CEO
Mikael Karrsten - Group Chief Technical Officer
Conference Call Participants
Tryfonas Spyrou - Berenberg
Asbjorn Mork - Danske Bank
Mathias Nielsen - Nordea
Vinit Malhotra - Mediobanca
Martin Birk - SEB
Johan Strom - Carnegie
Alexander Evans - Citi
Presentation
Gianandrea Roberti
Good morning everybody. My name is Gianandrea Roberti. I'm Head of Investor Relations at Tryg. We published our Q2 results earlier this morning, and I have here with me Johan Brammer, Group CEO, Allan Thaysen, Group CFO, and Mikael Karrsten, Group CTO to present the figures.
Before that, I'd just like to remind everybody to ask one question at a time to allow the highest number of questions from participants.
With these words over to you, Johan.
Johan Brammer
Thanks a lot Gian. And before I kick it off, I would like to stress that after a few quite noisy quarters, we are very pleased to report a quiet quarter on multiple fronts. This is a quarter that brings us a little back to being a leading and slightly boring Scandinavian insurer with high and stable profitability levels. And with that, in this Q2, Tryg reports an insurance revenue growth of 3.9%, driven by price adjustments across all business units. And when looking at the Private and Commercial segment together, the growth was just shy of 6%, while the Corporate segment decreased in-line with Q1, which broadly speaking is aligned with our strategy to reduce exposure to this segment.
The insurance service result for Q2 was DKK2.212 billion, helped by previously mentioned price increases and improving underlying performance, as well as a positive large claims experience for the quarter. Please note that the same quarter in 2023 included approximately DKK300 million higher than normal large and weather claims. The combined ratio in the quarter is 76.8% probably our best combined ratio for a quarter ever held by a very strong Swedish performance. The underlying claims ratio for the group improved 40 basis points, while it deteriorated similarly for the Private segment.
The investment result was DKK347 million, held by positive returns on most asset classes, especially equities and covered bonds whereas the asset mix was virtually unchanged in the quarter. The overall pre-tax result stands at DKK2.129 billion, with Tryg reporting an operating EPS of [2.93] (ph) and a roof of 44% in the second quarter....
Tryg A/S (TGVSF) Q2 2024 Earnings Call Transcript