Denmark's Tryg Q2 profit falls on workers' compensation provision
Denmark's Tryg Q2 profit falls on workers' compensation provision
Overview
Denmark insurer's Q2 insurance revenue grew 3.3% in local currencies
Q2 insurance service result and pre-tax profit fell due to one-off workers comp provision
Company raised ordinary dividend and reported solvency ratio of 196%
Outlook
Tryg did not provide specific guidance for future quarters or full-year results in the press release
Result Drivers
WORKERS COMP PROVISION - One-off provision related to Supreme Court ruling on Danish workers compensation reduced Q2 insurance service result and pre-tax profit
CLAIMS RATIO IMPROVEMENT - Underlying claims ratio improved by 50 basis points, supported by strong performance in Norway
PREMIUM GROWTH - Insurance revenue grew 3.3% in local currencies
Company press release: ID:nGNE1DT70k
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Combined Ratio |
| 88.80% |
|
Q2 Pretax Profit |
| DKK 1.08 bln |
|
Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 6 "strong buy" or "buy", 8 "hold" and 1 "sell" or "strong sell"
The average consensus recommendation for the property & casualty insurance peer group is "buy."
Wall Street's median 12-month price target for Tryg A/S is DKK170.00, about 10.4% above its July 9 closing price of DKK154.00
The stock recently traded at 18 times the next 12-month earnings vs. a P/E of 17 three months ago
For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.
(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)