Brief: Tryg Q4 Insurance Service Result Up At DKK 1,654 Mln

Tryg A/S

25/01/2024 06:41

Jan 25 (Reuters) - Tryg A/S  TRYG.CO :
    * Q4 GROSS PREMIUM INCOME 9,396 DKK  MILLION (COMPANY
COMPILED
CONSENSUS DKK 9,210 MILLION)
    * Q4 COMBINED RATIO 82.8% (COMPANY COMPILED CONSENSUS 82.9%)
    * RUN-OFF GAINS ARE EXPECTED TO BE  BETWEEN 3% AND 5% IN
2024
    * TRYG IS TARGETING AN INSURANCE SERVICE  RESULT BETWEEN DKK
7.2
AND 7.6BN, DRIVEN BY A  COMBINED RATIO AT OR BELOW 82 AND AN
EXPENSE  RATIO AT APPROX. 13.5%
    * IS MAINTAINING ALL FINANCIAL  TARGETS FOR 2024 INCLUDING
THE
INSURANCE SERVICE  RESULT BETWEEN DKK 7.2-7.6BN AND THE 
COMBINED RATIO TARGET AT OR BELOW 82
    * CONTINUES TO EXPECT POSITIVE TOP-LINE  GROWTH IN 2024,
PRIMARILY
DRIVEN BY THE PRIVATE  AND COMMERCIAL SEGMENTS
    * THE OVERALL TAX RATE FOR FULL-YEAR 2024 IS  EXPECTED TO BE
APPROXIMATELY 24 %
    * THE INSURANCE SERVICE RESULT WAS DKK  1,654M (1,472M) IN
Q4
    * Q4 REVENUE GROWTH OF 6.3% MAINLY DRIVEN BY GROWTH IN THE
PRIVATE
AND COMMERCIAL SEGMENTS
    * PRIVATE DISPLAYED A DETERIORATION OF 30 BASIS POINTS,
IMPACTED
BY HIGHER CLAIMS FOR MOTOR  SPARE PARTS, PARTICULARLY IN SWEDEN
AND NORWAY DUE TO WEAKENED CURRENCIES
    * Q4 WEATHER CLAIMS HAD A NEGATIVE IMPACT  AT 3.4 (2.2)
    * ADVERSE  MOVEMENTS IN THE SWEDISH AND NORWEGIAN 
CURRENCIES HAD
A NEGATIVE IMPACT OF  APPROXIMATELY DKK -60M IN Q4 2023

Source text for Eikon:  ID:nGNE8z3x02 
Further company coverage:  TRYG.CO 

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