Danish insurer Tryg shines after Q1 beat

Tryg A/S

20/04/2023 09:12

** Shares in Tryg  TRYG.CO  rise 3% after the Danish insurer
reported Q1 results above analysts expectations
    ** The company's Q1 insurance revenue came in at DKK 9.19
bln, exceeding estimate seen in company-compiled consensus of
DKK 9.34 bln
    ** Tryg reported combined ratio of 84.0% for Q1, which it
says was helped by significantly higher interest rates and much
lower large and weather claims compared to Q1 2022
    ** "With net profit +13.9% above expectations and the
dividend +5.1% above, Tryg's 1Q 2023 results appear reassuring,"
Jefferies says in a note
    ** The brokerage also flags that as a result of IFRS 17,
Tryg has updated its 2024 financial targets, lifting the
technical result by about DKK 200 mln and reducing the expense
ratio
    ** The stock tops of Copenhagen blue-chip index  .OMXC20 
and is among best performers on pan-European STOXX 600  .STOXX 
index

 (Reporting by Elviira Luoma)
 ((Elviira.luoma@thomsonreuters.com))