Company Reports

In recent years, Tryg has moved to sell more insurance to individual customers and small and medium-size businesses. We expect that trend to continue in the coming years. The strategy largely started in 2017 with the acquisition of the Federation of Danish Motorists' insurance portfolio. At the time, that portfolio comprised over 20,000 members and gave Tryg access to FDM's broader 200,000 members. This move was augmented by the purchase of Obos Forsikring in February 2017. Obos is a cooperative building association in Norway that, at the time, insured 10,000 clients. A year later, on Dec. 4, 2018, Tryg acquired Alka Forsikring, a company that insured 6% of Danish private individuals. With the acquisition of Troll Forsikring in the second quarter of 2018, Tryg’s focus on private customers continued. Troll Forsikring, a Norwegian company, at that time had 12,000 private customers in Norway.

Continuing with the theme from the first quarter of this year, Tryg has reported numbers that are slightly ahead of company-compiled consensus for the second quarter, yet we believe these are still disappointing results. The company looks to be a long way from achieving its 2027 targets.

For the first quarter of 2026, Tryg reported net profit of DKK 958 million, which was delivered by a much stronger performance in the private insurance division versus the commercial one. The poorer performance in commercial makes the company's targets currently look less achievable.

In recent years, Tryg has shifted to sell more insurance to individual customers and small and midsize businesses. We expect that trend to continue in the coming years. The strategy largely started in 2017 with the acquisition of the Danish Motor Associations’, FDM's, insurance portfolio. At the time, that portfolio comprised over 20,000 members and gave Tryg access to FDM's broader 200,000 members. This move was augmented with the purchase of Obos Forsikring in February 2017. Obos is a cooperative building association in Norway that at the time insured 10,000 clients. A year later on Dec. 4, 2018, Tryg acquired Alka Forsikring, a company that insured 6% of Danish private individuals. With the acquisition of Troll Forsikring in the second quarter of 2018, Tryg’s focus on private customers continued. Troll Forsikring, a Norwegian company, at that time had 12,000 private customers in Norway.

For full-year 2024, Tryg has delivered a better financial performance than we expected. It is doing this by continuing to make inroads in claims processing, fraud, technology, partnerships, and procurement.

In recent years, Tryg has shifted to sell more insurance to individual customers and small and midsize businesses. We expect that trend to continue in the coming years. The strategy largely started in 2017 with the acquisition of the Danish Motor Associations’, FDM's, portfolio of insurance. At the time, that portfolio comprised over 20,000 members and gave Tryg access to FDM's broader 200,000 members. This move was augmented with the purchase of Obos Forsikring in February 2017. Obos is a cooperative building association in Norway that at the time insured 10,000 clients. A year later on Dec. 4, 2018, Tryg acquired Alka Forsikring, a company that insured 6% of Danish private individuals. With the acquisition of Troll Forsikring in the second quarter of 2018, Tryg’s focus on private customers continued. Troll Forsikring, a Norwegian company, at that time had 12,000 private customers in Norway.

We initiate coverage on Tryg, a Copenhagen-listed property and casualty insurer that derives half its insurance revenue from Denmark, close to one-third from Sweden, and the remainder from Norway. Tryg sells private and commercial insurance and has been reducing its corporate insurance exposure.

In recent years, Tryg has shifted to sell more insurance to individual customers and small and medium sized businesses. We expect that trend to continue in the coming years. The strategy largely started in 2017 with the acquisition of the Danish Motor Associations’, FDM's, portfolio of insurance. At the time, that portfolio comprised over 20,000 members and gave Tryg access to FDM's broader 200,000 members. This move was augmented with the purchase of Obos Forsikring in February 2017. Obos is a cooperative building association in Norway that at the time insured 10,000 clients. A year later on Dec. 4, 2018, Tryg acquired Alka Forsikring, a company that insured 6% of Danish private individuals. With the acquisition of Troll Forsikring in the second quarter of 2018, Tryg’s focus on private customers continued. Troll Forsikring, a Norwegian company, at that time had 12,000 private customers in Norway.