Severe weather and fire hit Tryg’s Q1 results

Tryg’s Q1 technical insurance results were negatively impacted by 180 million DKK due to higher than usual weather-related damages and a fire at a Gothenburg water park. The company’s technical result decreased to 1.275 billion DKK compared to 1.474 billion DKK in the same period last year. The pre-tax result was 180 million DKK lower than Q1 the previous year, totaling 1.007 billion DKK. However, excluding the extraordinary events, Group CEO Johan Kirstein Brammer notes an improvement in the underlying technical result of almost 200 million DKK compared to last year. Quarterly premiums increased by 4.8% in local currency, reaching nearly 6.4 billion DKK, largely due to higher premiums influenced by inflation. In 2021, Tryg acquired RSA Insurance Group with Intact, leading to ownership of Codan Norway, Trygg-Hansa Sweden, and half of Codan Denmark, which was later sold to Alm. Brand.