Tryg reports 77.2% combined ratio for Q2

By Rebecca Delaney

July 11 - (The Insurer) - Danish insurer Tryg posted a combined ratio of 77.2% for the second quarter of 2025 in a quarterly results filing on Friday.

This marked a slight deterioration from 76.8% in the prior year quarter. Improved underlying performance from a lower expense ratio was offset a "more normal, but still benign" large claims experience compared to Q2 2024.

The group underlying claims ratio of 63.7% improved by 30 basis points year on year.

Tryg said that positive top-line development and strong underwriting performance resulted in an insurance service result of 2,307 million Danish krone ($361.2 million), marking a year on year increase of 4.3%.

This was primarily driven by price adjustments, particularly in Norway, although Tryg added that it observed robust performance across its three key geographical locations of Norway, Denmark and Sweden.

In the commercial segment, the insurance service result of 877 million Danish krone saw a slight dip from 888 million Danish krone in Q2 2024.

Tryg noted that the segment had experienced an easing of the impact on insurance revenue growth of the portfolio rebalancing initiatives conducted in the corporate portfolio over 2024.

The commercial combined ratio of 73.0% was slightly worse than the prior-year quarter (71.2%), primarily driven by a normalisation of large claims against a very low level.

In the private segment, the insurance service result increased by 8% to 1.42 billion Danish krone, which Tryg attributed to top-line growth, a lower level of weather claims, and an improved underlying claims ratio, particularly in the Norwegian private segment.

Overall, the group's investment result totalled 110 million Danish krone during the quarter (down from 347 million Danish krone in the prior year period), while the pre-tax result stood at 2.04 billion Danish krone.