Tryg A/S Ord New

Good morning, everybody.

My name is Gianandrea Roberti. I'm head of financial reporting at TREC. We published our Q3 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 numbers. With these few words, over to you, Johan.

Thanks a lot, Gian, and a very good morning from me as well. So earlier this morning we published our Q3 results and I'll begin by commenting on the financial highlights as I always do. So revenue growth was 4.1% in DKK and 2.3% in local currencies. As we've experienced in the previous quarters, the growth was higher in the private segment, close to the 4% mark, while we did experience a slight top line fall in the commercial segment. Our outlook for approximately 3% revenue growth for the full year of 2026 remains unchanged, as does our ambition to show an improved revenue growth as we move into next year, 2027. I'll get back to this later on in this presentation. The insurance service result of DKK 2.454 billion was driven by an excellent combined ratio of 76.8. This performance stems from a strong performance across the board, with also the large and weather claims experience being below normalized expectations. As for the underlying claims ratio, it improved by 60 bps in the quarter against 50 bps last quarter. The improvement was higher in the private segment and slightly lower in the commercial segment. As for the overall investment result, it was 42 million. The free portfolio delivered a slightly negative mark-to-market return as increased interest rates weighed on the fixed income portfolio, whereas the match portfolio was very positive. In general, we are satisfied with the investment performance considering the volatility in the quarter and our chosen asset mix. Additionally, and as we already flagged in Q2, we have been selling properties further down and we now report an exposure of 1.9 billion against the 3.3 billion when we announced our de-risking strategy. And finally, we are reporting an operating EPS of 2.96 and a return on owned funds of 47%. The solvency ratio at the end of the quarter was a very robust 203, supportive of future capital repatriations. We are now turning to the next slide on customer satisfaction and the customer satisfaction score was record high at 83 for the second quarter in a row and already now in line with our 2027 target. Amongst many things, we have developed an AI assistant called NOA that assists our claims handlers in the processing of complex documents. This allows them to quickly identify all relevant information and in turn provide a better and more swift customer service and this drives customer satisfaction in the right direction. And in addition, I'd like to mention that TRYK during the quarter also processed around 220,000 claims through STP straight through processing, which reduces wait time for customers and improves the overall customer experience. So good news on the customer highlights. And with that, let's move to the next slide where I'll comment on the insurance service result split between our two main segments, private and commercial. So the insurance service result in the private segment was just shy of 1.6 billion, driven by a combined ratio of 78.3, good top-line growth and improved underlying performance, as well as higher run-off, which also helped the numbers. The insurance service result in the commercial segment was 866 million, driven by a very strong combined ratio of 73.5, A lower runoff result for the quarter weighs negatively, of course, but is offset by an improved underlying performance and also lower than normal weather and large claims. With that, I'm turning to the next slide where I'll comment on the insurance search result by geography and the ISR walk as you see it on the right hand side. And as always, and I'll repeat that, the reported ISR and combined ratio can be impacted by different factors such as large in weather claims, runoff results and of course the overall level of interest rates. In Q3, we note a strong performance across the board. I'm particularly pleased to see the best reported combined ratio in the last 10 years in Norway and a Swedish performance that remains stellar, while the Danish combined ratio remains solid, although impacted by a lower runoff result and a flattish revenue development. The ISR walk of Q3 versus last year, the chart you see on the right hand side, shows a lot of positives, in fact only positives, which provides a lot of comfort going forward. The ISR is up 12% from Q3 last year to Q3 this year. I am now turning to the next slide on the financial performance of our Norwegian business. We are reporting a combined ratio of 76.1 in Norway, the best reported figure of the last 10 years. And from the chart on the bottom left hand side, the improvement is very visible also when you look at the 9 months figure. As a reminder, we've put in place significant profitability initiatives in the last two years, we've discussed that at length, and these are paying off as expected. And also, it is important to remember that price increases continue to taper off, and therefore the pace of improvement will slow down going forward. Additionally, please note that we are now entering the most difficult part of the earnings season for the Norwegian P&C, with autumn and especially the winter approaching, and hence It's unlikely that the current performance will be similar to Q4 and even more so the Q1 with Winther. In general, our Norwegian business has reached a very satisfactory profitability level and our key focus now in management is to avoid some of the last swings seen in the past. I'm now turning to the revenue growth section. And on the first slide in this section, we show that revenue grew 4.1% in DKK and 2.3% in local currencies in Q3, with the growth at a satisfactory level of 3.7 in the private segment. The commercial segment developed negatively following the losses during the first of January renewal of selected corporate customers, as well as a general retention pressure in that particular segment. We mentioned in the Q2 call that revenue growth would likely be lower in the second half of this year and have updated the outlook to a revenue growth for 2026 of around 3% for the full year. Today's numbers are fully in line with that statement and at the same time we continue to expect a good and gradual revenue pickup entering next year, 2027. We have a very strong focus currently on both on retention and on commercial go-to-market initiatives and many internal, more operational indicators are pointing in the right direction. That makes us very optimistic for what is ahead of us. At the same time, it is of course important to remember that staying disciplined is key to continue to run a profitable and stable business. This should not be rushed and this will not be rushed. With that, let's turn to the next slide on customer retention. In general, The overall picture is actually improving. Retention is moving up in all three private segments, which is reassuring and positive. We also see signs of stabilization and slight improvements in the commercial segment, with an uptick in two out of three business units, which is very important. As mentioned previously, past experiences tell us that it does take a little while for retention to stabilize and improve again after a prolonged period of price increases to offset inflation. And with this good news, over to you, Mikael.