Tryg's Profit Soars on Norway Turnaround and Strategic Execution

COPENHAGEN, DK – January 22, 2026 – Tryg Forsikring A/S today announced a stellar set of financial results for 2025, demonstrating significant profitability growth and operational efficiency gains that place the Nordic insurance giant firmly on track to meet its ambitious 2027 strategic goals. The company reported a pre-tax profit of DKK 7,212 million, a substantial increase from DKK 6,303 million in 2024.

The strong performance was driven by a robust insurance service result of DKK 7,945 million and a record-low combined ratio of 80.3%, an improvement from the restated 81.7% in the previous year. This enhanced efficiency, a key metric indicating the ratio of claims and expenses to premiums, was largely fueled by a remarkable profitability turnaround in its Norwegian business and a group-wide focus on strategic execution.

The Norwegian Comeback Story

A central pillar of Tryg's 2025 success was the dramatic improvement in its Norwegian operations. After facing challenges that pushed its combined ratio in the segment above 100% in late 2024, the company implemented a series of targeted measures that have yielded significant results. These initiatives included disciplined price adjustments focused specifically on the Norwegian market to better reflect risk and claims inflation.

This strategic pivot transformed the Norwegian business from a drag on profitability into a key contributor to the group's record insurance service result. The success in Norway exemplifies the "Technical Excellence" pillar of Tryg's 2027 strategy, which emphasizes advanced pricing and disciplined portfolio management to boost profitability. The company is now targeting a sustained combined ratio in the mid-80s for its Norwegian business, signaling confidence that the turnaround is both stable and sustainable.

"2025 was yet another eventful year for Tryg with strong deliveries on our commitments to customers and shareholders," said Tryg Group CEO Johan Kirstein Brammer in a statement. "We have had a solid start to the new strategy period with positive developments in our insurance service result and combined ratio."

Strategic Targets Already Within Sight

The impressive 2025 results show that Tryg is not just on track, but in some cases ahead of schedule in achieving the financial targets it set for 2027 during its Capital Markets Day in late 2024. The company's combined ratio of 80.3% for 2025 already surpasses the 2027 target of approximately 81%.

Furthermore, the insurance service result of DKK 7,945 million is knocking on the door of the DKK 8.0-8.4 billion target range set for 2027. This progress is underpinned by two core strategic enablers: "Scale & Simplicity" and "Technical Excellence." The company is leveraging its size following the major RSA acquisition to consolidate IT systems and achieve economies of scale in claims processing, which is projected to deliver a DKK 500 million improvement by 2027.

The technical initiatives, including the successful repricing in Norway, are expected to contribute another DKK 300 million to the insurance service result. The company's performance has also delivered a return on own funds just below 37% in the fourth quarter, placing it comfortably within the 35-40% target range for 2027.

Balancing Profitability with Customer Centricity

While driving profitability, Tryg has also managed to enhance its relationship with its customer base. The company reported that its customer satisfaction score improved to 82 in 2025, up from a baseline of 81 the previous year. This is particularly noteworthy as the company handled nearly two million claims throughout the year, a critical touchpoint where customer experience is forged.

This focus on the customer is a core part of the insurer's strategy, with a stated goal of reaching a satisfaction score of 83 by 2027. The ability to implement necessary price increases while simultaneously improving customer satisfaction points to effective communication and a strong value proposition that resonates with policyholders across Scandinavia. As CEO Johan Kirstein Brammer noted, a "resilient business continues to be the crucial foundation for helping customers in uncertain times."

Fortified Financials and Shareholder Confidence

Tryg's robust financial health is further evidenced by its capital position and shareholder return policy. The company ended 2025 with a strong solvency ratio of 196%. While this figure includes a temporary 3-percentage-point uplift from a debt financing event expected to normalize in early 2026, the underlying ratio remains well above regulatory requirements and reflects a solid capital base. This strength is what allows the company to reward its investors confidently.

In a clear signal of this confidence, Tryg's board announced an increase in the ordinary dividend to DKK 8.20 per share and launched a new DKK 1 billion share buyback program. This is part of a broader ambition to distribute DKK 17-18 billion to shareholders between 2025 and 2027.

The company also demonstrated prudent financial management by adjusting its hedging strategy for inflation risk on long-tailed insurance lines. This change, which prompted a restatement of 2024 figures to reclassify income between the insurance and investment results, had no impact on the bottom-line pre-tax profit. The move highlights a proactive approach to managing macroeconomic risks and maintaining transparent financial reporting. This level of operational and financial discipline has been recognized externally, with Moody's recently describing Tryg's profitability as "outstanding" and naming it the "most efficient insurer in the Nordic market," positioning the company for continued leadership as it executes the next phase of its strategy.