Scandinavian insurance company Tryg has reported its financial results for the fiscal year 2023, showcasing resilience and growth amidst a challenging operating environment.
Tryg experienced a commendable premium growth of 4.8% in local currencies, driven primarily by strategic price adjustments in the Private and Commercial business segments.
The company reported an Insurance Service Result of DKK 6,399 million, reflecting a positive impact from the 4.8% premium growth, synergies from the RSA Scandinavia acquisition, higher interest rates, and despite the challenges of weakened Swedish and Norwegian currencies.
Tryg achieved a Combined Ratio of 82.8, demonstrating an improvement in underlying performance. However, the year was marked by a high level of weather-related claims across their main markets.
The Investment Results amounted to DKK 615 million, with positive returns from equities and fixed-income asset classes contributing to the overall performance.
The pre-tax profit reached DKK 5,199 million, and the profit after tax stood at DKK 3,993 million, underscoring the company’s ability to navigate through adverse market conditions.
As part of the 2024 strategy, Tryg successfully reduced the exposure of its Corporate business to US liability and property insurance outside the Nordics, enhancing profitability and reducing earnings volatility.
To strengthen competitiveness amid a challenging macroeconomic environment, Tryg made strategic and operational adjustments in 2023. These included capitalising on scale through the integration of Trygg-Hansa and Codan Norway, merging Corporate segments in Denmark and Norway, and adjusting the leadership structure in Sweden.
Despite facing a historic number of weather-related events in 2023 across their main markets, Tryg emphasized its commitment to customer satisfaction. The company’s agility and dedicated employees were instrumental in managing a high level of customer satisfaction despite the extraordinary number of claims.
Group CEO Johan Kirstein Brammer expressed satisfaction with the core business’s positive development, citing the premium growth and the resilient insurance service result. He highlighted the successful reduction of exposure in the Corporate business and commended the team’s efforts in navigating challenges while maintaining a strong customer focus.
