Tryg A/S

Strong Q3 profitability + resilient underwriting: Revenue grew +4.1% in DKK (+2.3% in local currencies). The insurance service result was DKK 2.454bn, driven by an excellent combined ratio of 76.8 (large + weather claims below normalized expectations). Underlying claims ratio improved by 60 bps in the quarter (improvement higher in private, slightly lower in commercial). Operating EPS: DKK 2.96; ROOF: 47%. - Good/surprising: Combined ratio performance supported by *large and weather claims both better than guidance expectations*, including a very strong Norway combined ratio (76.1%)—best reported in last 10 years.

Investment result muted/variable but considered acceptable; property de-risking continues: Total invested assets DKK 58.5bn. Q3 investment result DKK 42m: free portfolio slightly negative to market due to higher rates, while the match portfolio was very positive. Continued de-risking: property exposure reduced to DKK 1.9bn (from DKK 3.3bn announced with the strategy), with proceeds reinvested in covered bonds. - Bad: Net mark-to-market pressure in the free portfolio from rising interest rates. - Good: Conservative asset mix and match portfolio effectiveness limited the downside.

Outlook unchanged for 2026; expects 2027 revenue pickup but with “less improvement” in underwriting: Management kept 2026 revenue growth outlook at ~3% (and ambition for improved growth into 2027). They expect underlying claims ratio to be stable to slightly improving, but improvements will likely dampen as revenue growth picks up in 2027 (to maintain balanced earnings growth). - Challenge: Seasonality—Norway P&C is entering the more difficult period (autumn/winter), so current Q3-like performance may not repeat in Q4/Q1.