Brief: Tryg Q3 Profit Before Tax DKK 964 Million, Below Consensus

Tryg A/S

13/10/2022 06:57

Oct 13 (Reuters) - Tryg A/S  TRYG.CO :
    * TRYG A/S – Q1-Q3 REPORT 2022
    * REG-TRYG A/S – Q1-Q3 REPORT 2022
    * Q3 TECHNICAL RESULT DKK 1,832 MILLION (COMPANY COMPILED
CONSENSUS DKK 1,831 MILLION)
    * Q3 COMBINED RATIO 81.1% (COMPANY COMPILED CONSENSUS 80.4%)
    * Q3 PROFIT BEFORE TAX DKK 964 MILLION (COMPANY COMPILED
CONSENSUS
DKK 1,079 MILLION)
    * Q3 GROSS PREMIUM INCOME DKK 9,363 MILLION (COMPANY
COMPILED
CONSENSUS DKK 9,305 MILLION)
    * Q3 DIVIDEND PER SHARE OF DKK 1.58 AND SOLVENCY RATIO OF
198
    * TECHNICAL RESULT WAS SUPPORTED BY FURTHER POSITIVE
DEVELOPMENTS
IN THE CORE BUSINESS (INCLUDING THE RSA SCANDINAVIA SYNERGIES),
INCREASED LEVEL OF INTEREST RATES (IMPLYING A HIGHER DISCOUNT
RATE FOR INSURANCE LIABILITIES AND THEREBY LOWER CLAIMS LEVEL IN
Q3) AND POSITIVE TOP-LINE DEVELOPMENT
    * UNDERLYING CLAIMS RATIO IMPROVED BY 0.8 P.P. FOR THE
GROUP,
WHILE IT WAS MODESTLY NEGATIVE FOR THE PRIVATE SEGMENT
    * IT IS EXPECTED THAT PART OF REMAINING ABOUT DKK 700M IN
INTEGRATION COSTS RELATING TO THE CODAN NORWAY AND TRYGG-HANSA
ACQUISITION WILL BE BOOKED IN H1 2023 AGAINST OTHER INCOME AND
COSTS LINE (AS IN 2021)
    * OVERALL TAX RATE FOR FY IS EXPECTED TO BE HIGHER THAN THE
PREVIOUSLY GUIDED 22-23%, A MORE PRECISE GUIDANCE FOR THE TAX
RATE WILL BE PUBLISHED IN ANNUAL REPORT
    * PREMIUM GROWTH OF 6.4% IN Q3, PRIMARILY DRIVEN BY POSITIVE
DEVELOPMENTS IN THE PRIVATE AND COMMERCIAL SEGMENTS

Source text for Eikon:  ID:nGNEblp0Ws 
Further company coverage:  TRYG.CO 
 (Gdansk Newsroom)
 ((gdansk.newsroom@thomsonreuters.com; +48 58 772 0920;))