Tryg A/S (TGVSF) Q4 2024 Earnings Call Transcript

2025-01-23 11:59:04 ET

Tryg A/S (TGVSF)

Q4 2024 Results Conference Call

January 23, 2025 04:00 AM ET

Company Participants

Gianandrea Roberti - Head, Investor Relations

Johan Brammer - Group CEO

Mikael Karrsten - Group CTO

Allan Thaysen - Group CFO

Conference Call Participants

Asbjørn Mørk - Danske Bank

Faizan Lakhani - HSBC

Alex Mackenzie - BNP Paribas

Mathias Nielsen - Nordea

Vinit Malhotra - Mediobanca

Johan Ström - Carnegie

Martin Gregers Birk - SEB

Jan Erik Gjerland - ABG

Presentation

Gianandrea Roberti

Good morning, everybody. My name is Gianandrea Roberti. I'm Head of Investor Relations at Tryg. We publish our Q4 and full year results 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 figures.

I would just like to remind all participants that in the Q&A, it would be one question at a time to allow everybody to ask questions. And with these words, over to you, Johan.

Johan Brammer

Thanks a lot, and I will go directly to the financial highlights on Slide 3. So yesterday reporting an insurance revenue growth of 3.6% in the last quarter of the year and just above 4% for the full year. The growth both in Q4 and for the full year has been primarily driven by price increases in the Private & Commercial segments in order to fight off the inflationary pressures.

Importantly, the growth of the group has been achieved in a period where our Corporate segment has been reduced as a result of our very deliberate strategy of running a smaller and more controllable corporate book, closer to home where we are more familiar with the risks we underwrite.

The Insurance Service results landed at DKK 1.708 billion for the last quarter of the year, bringing us to a total of DKK 7.324 billion for the full year. Please note that when normalizing for better-than-normal large in weather experience, the number for the full year is just above DKK 7.2 billion, completely in line with what was disclosed very clearly at the CMD in December last year.

The ISI in Q4 has been primarily driven by a positive top line developments and improved underlying performance and lower than normalized claims. Again, this was partly offset by a generally lower level of interest rates, impacting the discounting of our claims reserves and a lower run-off results....

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