Tryg experiences growth with higher prices

Tryg insurance company has seen a growth in 2024, posting after-tax earnings of DKK 4.8 billion, up by 23% from the previous year’s DKK 3.9 billion. This increase is attributed to price adjustments countering inflation and restoring profitability in parts of the business in Norway despite negative initial impacts from severe weather events, such as heavy rain in Denmark and a harsh Norwegian winter. Tryg’s weather-related expenses exceeded expectations by DKK 133 million, while large-claim expenses were DKK 245 million below budget. The Tryg CEO noted fewer weather claims compared to 2023, with many concentrated early in the year. Investment actions had a negative impact in Q4 due to divestments during market downturns, aiming to reduce risk and stabilize results. Tryg, partly owned by its policyholders through Tryghedsgruppen, will distribute a DKK 1 billion bonus, representing 6% of Danish customer premiums from 2023.