Scandinavian insurance company, Tryg has reported a premium growth of 6.4% in the third quarter of 2022, compared to 5.9% from the same period last year.
The increase was primarily driven by positive developments in the company’s Private and Commercial segments.
The company also reported a technical result of DKK 1,832m (DKK 1,510m pro-forma, DKK 988m as reported), which was supported by the continued positive development in core business including the delivery of the RSA synergies, an increased level of interest rates, and a positive top-line development.
Tryg’s technical result in the quarter was up 85% against the reported level in the same period last year, with Sweden contributing to top-line and technical result by 34% and 42% respectively compared to 10% and 6% in Q3 21.
At the same time, Tryg’s underlying claims ratio improved by 0.8%, while the company’s investment result for Q3 was DKK -348m (DKK 481m), which was driven by highly volatile financial markets following continuously high geopolitical tensions.
Group CEO Morten Hübbe, commented: “In Q3 2022, Tryg reported a positive premium growth of 6.4% across all Scandinavian markets, mainly attributable to the Private segment with growth of 7.3% and the Commercial segment with growth of 4.6%. I am pleased to see that we continue to deliver a solid technical result of DKK 1,832m driven by positive top-line development, an increased level of interest rates (implying a higher discount rate for the insurance liabilities and thereby lower claims level in Q3) and continuous delivery of the RSA Scandinavia synergies.
“The acquisition of RSA Scandinavia has ensured a more balanced geographical footprint, with both premiums and insurance results now clearly more diversified between the three Scandinavian countries with Sweden representing a very important part of it. We see also commercial advantages where we can learn from each other in the products offering as well as improving customer experience.”
