Tryg achieves billions in profit despite weather damage

Tryg Insurance remains resilient with a pre-tax profit of 5 billion DKK in 2023, despite an unusually high number of weather-related claims, particularly from a stormy autumn. CEO Johan Kirstein Brammer noted the historic frequency of weather events in all primary markets. Performance was challenged by weaker Swedish and Norwegian currency valuations, reducing results in Danish kroner. Nonetheless, revenue increased by 4.8 percent due to rising premiums. Tryg continues to streamline its Swedish operations following the acquisition and merger of Trygg-Hansa and Moderna. Business client areas in Denmark and Norway have also merged, yielding synergy benefits. Partly owned by policyholder association Tryghedsgruppen, Tryg is distributing a 6 percent rebate on premiums, totaling 950 million DKK in bonuses this year.