Slides
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Tryg Q3 2026 results Investor presentation
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Contents 01| 02| 03| 04| 05| 06| 07| 08| 09| 2 03 09 12 15 18 23 29 31 50 Highlights Q3 2026 Insurance revenue development Claims development Investment activities Solvency and expenses Update on strategy & financial targets Roadshows & conferences Background material Disclaimer
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Highlights Q3 2026
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Combined ratio of 76.8% Financial highlights Q3 2026 1 Investment result of DKK 42m • Tryg reports a pre-tax result of DKK 2,123m. Operating EPS was DKK 2.96 and ROOF (return on own funds) was 47.0% in Q3 • Tryg pays a quarterly dividend of DKK 2.15, a dividend growth of around 5% primarily driven by the higher insurance earnings • A solvency ratio of 203% was reported at the end of Q3 which remains supportive of future capital repatriation 4 DPS of DKK 2.15 6.29 7.40 7.80 8.20 6.45 2.05 2.05 2.15 2.05 2.15 2.05 2.15 Ordinary dividend 2022 2023 2024 2025 2026Insurance service result of DKK 2,454m Highlights Q3 2026 2,181 2,454 Q3 2025 Q3 2026 • Insurance revenue grew 4.1% in DKK or 2.3% in local currency (3.4% in Q3 2025) primarily driven by the Private segment, reflecting profitability initiatives in Norway and positive commercial momentum, particularly in Sweden • Top-line growth was supplemented by strong underwriting performance resulting in an insurance service result of DKK 2,454m • In addition, the result benefitted from large and weather claims in total being below normalised levels for the quarter • The combined ratio was 76.8%, a strong performance in what is normally a seasonally favourable quarter • The combined ratio was positively impacted by improved underlying performance and increased interest rate environment • Group underlying claims ratio improved 60 basis points against Q3 2025, up from the 50 basis points improvement in Q2 2026. The Private underlying claims ratio improved 80 basis points primarily driven by profitability initiatives in Norway 78.6 76.8 65.3 63.6 13.3 13.3 Claims ratio Expense ratio Q3 2025 Q3 2026 Q3 2025 Q3 2026 • A satisfactory investment result of DKK 42m, following a quarter characterised by market volatility and rising interest rates • The match portfolio delivered a strong result while the free portfolio was adversely impacted by higher interest rates, resulting in negative returns on covered bonds • As already communicated at Q2 reporting, property exposure was reduced from DKK 2.1bn in Q2 2026 to DKK 1.9bn in Q3 2026 in line with the de-risking strategy for the investment portfolio presented at CMD 12% 42 177
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81 83 83 Baseline 2024 Q3 2026 Target 2027 1 Customer highlights Q3 2026 Highlights Q3 2026 5 Customer satisfaction developmentCustomer satisfaction KPI +2pp • Tryg achieved a strong customer satisfaction score of 83 for the second consecutive quarter, in line with our 2027 target, reflecting our continued efforts to enhance the customer journey • Our AI assistant, Nora, has now been rolled out across all lines of business in Denmark and deployment is well underway in Sweden. Nora assists claims handlers with complex document handling, enabling them to quickly find relevant information on terms, processes and internal procedures for more precise and swift customer service • During the quarter, approximately 220,000 online claims were assessed and handled through Trygs straight- through-processing setup in GuideWire. The setup enables swift claims handling, reducing waiting time for customers leading to strong customer experiences
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(DKKm) 1,333 1,588 Q3 2025 Q3 2026 (DKKm) 849 866 Q3 2025 Q3 2026 Run-off Q3 2026: DKK 224m or 3.1% (Q3 2025: DKK 154m or 2.2%) Run-off Q3 2026: DKK 33m or 1.0% (Q3 2025: DKK 91m or 2.8%) Insurance service result and Combined ratio, Private segment Group insurance service result and segment split 1 • Higher ISR driven by solid topline growth and an improved underlying claims ratio, and further supported by a higher run-off result • In particular, Private Norway delivered strong results driven by profitability initiatives that continues to have effect • ISR increased by 2% due to an improved underlying claims ratio and benign large and weather claims, but partly offset by a lower run-off result • The improvement in the underlying claims ratio was primarily driven by an increased focus on smaller and more profitable commercial customers 6 Insurance service result and Combined ratio, Commercial segment Highlights Q3 2026 (%) 80.8 78.3 Q3 2025 Q3 2026 (%) 73.7 73.5 Q3 2025 Q3 2026
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2,181 2,454 Q3 2025 Growth Underlying claims development Large & Weather claims Discounting (Interest rates) Run-off Costs CurrenciesQ3 2026 (DKKm) 841 784 Q3 2025 Q3 2026 (%) 81.9 83.0 Q3 2025 Q3 2026 (DKKm) 375 601 Q3 2025 Q3 2026 (DKKm) 941 1,085 Q3 2025 Q3 2026 Run-off Q3 2026: DKK 17m or 0.4% (Q3 2025: DKK 97m or 2.1%) Run-off Q3 2026: DKK 93m or 3.7% (Q3 2025: DKK 10m or 0.5%) Run-off Q3 2026: DKK 149m or 4.5% (Q3 2025: DKK 138m or 4.3%) Denmark (DKKm)Insurance service result and Combined ratio, Denmark Insurance service result and Combined ratio, Norway Insurance service result and Combined ratio, Sweden Group insurance service result and geographical split 1 7 (%) 83.1 76.1 Q3 2025 Q3 2026 Highlights Q3 2026 (%) 70.7 67.6 Q3 2025 Q3 2026 Group insurance service result, walk (DKKm) 12%
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Norway continues to show further profitability improvements 8 93.7 95.2 102.2 88.1 85.1 93.9 95.3 82.1 83.1 87.1 93.7 77.3 76.1 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 -7.0pp 1 Highlights Q3 2026 Combined ratio, per quarter • In Q3 2026, combined ratio showed a 7pp improvement y/y, demonstrating continued progress, also supported by a favourable weather claims experience in the quarter • Q3 2026 marked the best reported combined ratio in Norway in the last 10 years • In Q1-Q3 2026, combined ratio improved by 4.6pp y/y, reaching a strong level as a result of recent years' substantial profitability initiatives, in particular within motor, that continues to have effect • Profitability initiatives from 2025 are gradually tapering off with rate increases expected to moderate further from here • Actions already taken, along with ongoing initiatives, are projected to restore the Norwegian portfolio to a healthy and sustainable level with a COR in the mid-eighties already in 2026, one year ahead of plan Combined ratio, YTD 86.7 82.1 Q1-Q3 2025 Q1-Q3 2026 -4.6pp
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Insurance revenue development
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• Tryg reported a revenue growth of 4.1% in Q3 2026, or 2.3% local currency, primarily driven by a solid growth in the Private segment of 3.7% in local currency, while growth in the Commercial segment was negative • In the Private segment, growth was primarily driven by profitability initiatives in Norway and positive commercial developments, particularly in Sweden • Growth in the Commercial segment continued to be weighed down by a less than satisfactory renewal on 1 January 2026, continued unsatisfactory but slightly increasing retention levels in Denmark, and the churn of a few large customers in the Corporate portfolio. These effects will continue to impact growth rates throughout the year • As price adjustments continue to taper off following lower inflation levels and revenue recognition of new business takes time to materialise, full-year revenue growth is expected to be around 3% in 2026 • Tryg seeks to achieve profitable growth. In mature markets where most customers are already well insured, this requires a disciplined approach Insurance revenue grew 2.3% in local currencies compared to Q3 2025 Insurance revenue growth by segment Q3 2026 in local currencies (%) 2.3 3.7 -0.7 Group Private Commercial Insurance revenue (DKKm) Growth in local currencies (%) Q3 2025 Q3 2026 Q3 2025 Q3 2026 Group 10,175 10,591 3.4 2.3 Private 6,943 7,327 3.8 3.7 Commercial 3,233 3,265 2.4 -0.7 Insurance revenue development2 10 *
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Retention in Private continues its positive trajectory while Commercial is showing signs of improvement 11 DK NO SE Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 70 80 90 100 DK NO SE Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 70 80 90 100 Private segment retention rates Commercial segment retention rates 84.6 88.6 88.084.9 88.6 88.2 Q2 2026 Q3 2026 DK NO SE 87.7 86.8 89.087.9 87.0 89.2 Q2 2026 Q3 2026 DK NO SE Insurance revenue development2 *From Q2 2026 and onwards, retention levels for Private DK are adjusted for termination of selected partner portfolio to improve profitability * *
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Claims development
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• Group underlying claims ratio of 66.4%, an improvement of 60 basis points compared to Q3 2025 • The improvement is driven by positive developments in both the Private and Commercial segments • Profitability initiatives, especially in Norway, are one of the key drivers of the improvement 69.4 71.4 75.4 68.9 68.6 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 67.0 69.0 71.6 66.0 66.4 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Group underlying claims ratio Private segment underlying claims ratio Underlying claims ratio1 improved 60 basis points for the Group Claims development3 -60 bps -80 bps • Private underlying claims ratio improved by 80 basis points compared to Q3 2025 driven by continued effects from profitability initiatives in the Norwegian business 1. Underlying development is adjusted for large claims, weather claims, run-off and interest impacts. Due to some rounding there may be minor differences when recalculating the underlying claims ratio13 "The underlying claims ratio is expected to be broadly stable to slightly improving towards 2027" CMD 2024
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Large claims, net Large claims, weather claims, discounting and run-off Claims development3 14 Claims reserve, discounting rate (net effect on Combined ratio) 428 1,133 1,001 555 570 2021 2022 2023 2024 2025 0 200 400 600 800 1,000 1,200 1,400 114 169 200 Q3 2025Q3 2026Guided quarterly level 200 83 160 Q3 2025Q3 2026Guided Q3 level 2.4 2.8 2.7 Q3 2025Q3 2026Q2 2026 2.4 2.4 3.5 Q3 2025Q3 2026Q2 2026 (Adjusted) 457 591 1,274 933 587 2021 2022 2023 2024 2025 0 200 400 600 800 1,000 1,200 1,400 0.4 2.1 3.0 2.3 2.4 2021 2022 2023 2024 2025 0.0 1.0 2.0 3.0 3.1 6.4 3.1 2.2 2.2 2021 2022 2023 2024 2025 0.0 2.0 4.0 6.0 8.0 DKKm DKKm % % Expected annual level DKK 800m Expected annual level DKK 800m "Going forward, Tryg guides a run-off of ~2% towards 2027" Run-off (net effect on Combined ratio) Weather claims, net CMD 2024 1) Excluding one-off provision of DKK 1.2bn pre-tax related to the Supreme Court case on Danish workers' compensation insurance from 28 April 2026 1) 421 787 600 Q1-Q3 2025 Q1-Q3 2026 Guided level 413 336 560 Q1-Q3 2025 Q1-Q3 2026 Guided level
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Investment activities
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77% Investments – split in match and free portfolio Investment activities4 16 Total Investments DKK 58.5bn Match portfolio (77%) matching the insurance liabilities Free portfolio (23%) net asset value 20% 3% Covered and Government Bonds Real Estate MATCH (DKK 45bn) FREE (DKK 14bn) 12 11 22 Denmark Norway Sweden Total investments Portfolio split (in %) Match portfolio Scandinavian covered bonds (DKKbn) Free portfolio asset split (DKKbn) Total investments of DKK 58.5bn, hereof: Total Investments of DKK 58.5bn, hereof: "Long term, Real Estate is not expected to be part of the asset mix" CMD 2024 11.8 1.9 2.1 Covered and Government Bonds Real Estate Real Estate (Q2 26) DKK ~250m reduction in Q3 26
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Tryg investment result – low risk remains key Investment activities4 17 Key investments figures (DKKm) Q3 2026 Q3 2025 Free portfolio -59 87 Match portfolio 124 177 Other financial income and expenses -23 -87 Net investment result 42 177 93 5 1 0 0 1 AAA AA A BBB BB B or lower Group fixed income portfolio, approx. DKK 58bn, rating split (%) • Financial markets in Q3 were shaped by renewed escalation in the Middle East and a return to monetary tightening. Higher oil prices revived inflation concerns, which, together with expectations of rate hikes, led to a broad sell- off in bonds, pushing market interest rates higher. In this environment, Tryg's low-risk investment strategy continued to mitigate downside risks while enabling the portfolio to benefit from a stable return profile • The free portfolio reported a negative result of DKK -59m in the third quarter of the year driven by increasing interest rates resulting in negative returns on covered bonds, partly offset by positive real estate returns • Match portfolio reported a strong result of DKK 124m driven by the yield from interest income on premium provisions and spread narrowing on covered bonds in Scandinavia • Other financial income and expenses were DKK -23m, better than normalised expectations due to a favourable development in Danish inflation expectations
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Solvency and expenses
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• Solvency ratio at the end of Q3 2026 is 203% (Q2 2026: 196%) Own Funds (OF) are primarily impacted by • Operating earnings and dividends • Weakening of SEK and strengthening of NOK Solvency Capital Requirement (SCR) mainly impacted by • Business evolution • Sale of properties • Weakening of SEK and strengthening of NOK • As already communicated at Q2 reporting, approximately DKK 250m of real estate was sold in Q3 2026 which lowered the SCR accordingly. The lower real estate exposure is in line with the strategy communicated at the CMD 13,581 1,767 -1,291 6 17 14,080 8,852 9,301 1,673 1,673 3,055 3,106Tier 2 Restricted Tier 1 Unrestricted Tier 1 Own Funds Q2 2026Operating EarningsDividend / Buyback Currencies Other Own Funds Q3 2026 Group operating capital generation of 25% in Q3 2026 Solvency and expenses5 19 SII capitalisation SCR (DKKm) 6,932 28 -26 6 1 6,940 SCR Q2 2026 Business Evolution Management Actions Currencies Other SCR Q3 2026 Own funds (DKKm) Tryg’s solvency ratio is mostly a function of operating earnings (+) and dividends (-). Underlying development is expected to remain stable 196% 25pp -18pp 0pp 0pp 203%
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"Long term, the solvency ratio is expected to gravitate towards a less conservative level" Solvency ratio historical development (%) Solvency and expenses5 20 180 175 179 188 184 195 198 201 200 199 194 197 191 195 202 196 195 199 204 196 192 196 203 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 CMD 2024
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2026 Property Interest Spread (Covered) Spread (Government) NOK/DKK SEK/DKK Solvency ratio sensitivities Solvency and expenses5 21 Solvency ratio sensitivities (%) 203 206 200 200 206 188 218 202 204 200 206 199 207 Q3 + 20% - 20% + 100 bps - 100 bps + 100 bps - 100 bps + 100 bps - 100 bps + 20% - 20% + 20% - 20% Since Tryg primarily invests in AAA-rated Nordic covered bonds; a spread risk volatility of 100 bps is a conservative metric Interest rate risk is very low as function of our matching strategy Following de-risking in Q4 2024, Tryg has only two asset classes: covered & government bonds and properties The solvency ratio shows the highest sensitivity to spread risk for covered bonds as this is the biggest asset class Fairly low sensitivities to currencies Generally low sensitivities due to a strong and hedged balance sheet
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• Expense ratio of 13.3% supported by a continued tight cost control • Investments in additional commercial activities are funded through ongoing improvements in operational efficiency • The expense ratio is considered a key competitive advantage for Tryg • "The expense ratio is expected to be stable to slightly improving towards 2027" FTE development 6,621 6,732 6,953 6,732 6,731 6,829 6,758 2024 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Expense ratio, Group Expense ratio of 13.3% as a result of tight cost control 22 Solvency and expenses5 13.5 13.4 13.3 13.6 13.3 13.3 13.3 2024 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Expense ratio, key drivers in Q3 2026 CMD 2024
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Update on strategy & financial targets
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DKK 200m ISR in 2027 Scale proven commercial successes across the group and further strengthen focus on customer satisfaction Customer & Commercial Excellence Scale & Simplicity DKK 500m ISR in 2027 Leverage increased size to combine IT systems, simplify processes and deliver economies of scale Technical Excellence DKK 300m ISR in 2027 New partnership with Mercedes- Benz and XPENG supports growth ambitions within motor in Sweden and Norway Extended partnership with SOS International on travel assistance across the Nordics leverages Tryg's scale, simplifies operations and enhances efficiency Example Deep dive today Scale world-class portfolio management and advance pricing and underwriting with new data and technology Update on strategy & financial targets6 Strategic focus towards 2027 is anchored around three strategic pillars 24 Tryg is advancing its pricing sophistication through increased use of machine learning supporting more accurate and competitive prices Example Example
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Update on strategy & financial targets6 25 New motor partnerships with attractive brands support growth ambitions in Sweden and Norway Customer & Commercial Excellence Tryg enters a partnership with Mercedes-Benz as their official insurance partner in Sweden – from 1st of January 2027 Mercedes-Benz is a well-established car manufacturer known for its quality and reliability, a great fit for Trygg- Hansa With this partnership, every new sold Mercedes-Benz vehicle will be covered by a Tryg-issued warranty cover (vagnskadegaranti) Annual sales (vehicles) ~23.000 Private segment Norway enters a strategic partnership with the Norwegian distributor of XPENG vehicles - from 1st of August 2026 Attractive car brand with an increasing popularity in Norway Joint ambition to distribute a Tryg insurance along with a new XPENG vehicles Projected sales 2026 (vehicles) ~7.000
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Update on strategy & financial targets6 26 Commercial initiatives are boosting new sales1 and support positive retention trends Market Private Lines 119 114 111 Sales index1 YTD (Jan-Sep) and retention trend by market and segment 92 114 121 Commercial Lines 1) Sales index based on nominal amounts in local currency vs prior year As pricing initiates are tapering off due to a lower inflationary environment, Tryg is gradually moving from price driven to organic growth To boost revenue growth, Tryg has launched many commercial initiatives and partnerships during the last year These initiates are trending well, supporting confidence in a stronger growth trajectory going forward Commercial momentum will be further fuelled by two new partnerships with Mercedes-Benz from 1 January 2027 and XPENG from 1 August 2026 Retention has started to show positive signs in the Commercial segment, while the Private segment is showing encouraging improvement Retention trend Retention trend Retention trend Retention trend Retention trend Retention trend Sales index Sales index Sales index Sales index Sales index Sales index Better vs prior year Worse vs prior year
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Financial and strategic targets for 2027 27 Update on strategy & financial targets6
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It is important to know your investment case 28 ”Do you know the only thing that gives me pleasure? It’s to see my dividends coming in.” John D. Rockefeller Update on strategy & financial targets6
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Q3 2026 roadshows & conferences Roadshows & conferences7 29 Date Event Participants from Tryg Arranged by 09/10/2026 Roadshow, Copenhagen Johan Kirstein Brammer, CEO, Allan Kragh Thaysen, CFO, Mikael Kärrsten, CTO, Investor Relations SEB 20 - 22/10/2026 Roadshow, Toronto, Montreal and Boston Johan Kirstein Brammer, CEO, Gianandrea Roberti, Head of Financial Reporting, SVP Mediobanca, BNP Paribas Exane 21/10/2026 Roadshow, London Allan Kragh Thaysen, CFO, Robin Hjelgaard Løfgren, Head of Investor Relations UBS 26/10/2026 Roadshow, Switzerland Lars Bonde, COO, Anders Vangsgaard, Investor Relations Manager UBS 04 - 05/11/2026 Roadshow, Hong Kong, Tokyo Johan Kirstein Brammer, CEO, Robin Hjelgaard Løfgren, Head of Investor Relations Goldman Sachs 04/11/2026 Roadshow, Frankfurt Lars Bonde, COO, Anders Vangsgaard, Investor Relations Manager SEB 12/11/2026 Roadshow, Paris Allan Kragh Thaysen, CFO, Anders Vangsgaard, Investor Relations Manager ABG Sundal Collier 26/11/2026 Danske Bank Winter Seminar, Copenhagen Allan Kragh Thaysen, CFO, Robin Hjelgaard Løfgren, Head of Investor Relations Danske Bank
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Investor Relations Gianandrea Roberti Head of Financial Reporting, SVP +45 20 18 82 67 Gianandrea.Roberti@tryg.dk Robin Hjelgaard Løfgren Senior Director, Head of Investor Relations +45 41 86 25 88 Robin.Loefgren@tryg.dk For further information If you have questions about Tryg's activities, results, the share or other matters, please visit www.tryg.com or contact Investor Relations Ilze Karahona Project manager, Investor Relations +45 41 86 42 34 Ilze.Karahona@tryg.dk Ilker Yildirim Analyst, Investor Relations + 45 41 86 06 10 Ilkerdervis.Yildirim@tryg.dk Anders Vangsgaard Manager, Investor Relations +45 21 37 90 05 Anders.Vangsgaard@tryg.dk 30 Roadshows & conferences7
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Background material
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#4 #1 #4 Background material8 32 Tryg at a glance As the world changes, we make it easier to be tryg ~6 million customers >6,700 employees ~2.1 million claims per year Denmark Norway Sweden Market share ~23% ~13% ~16% Insurance revenue (FY 2025) DKK 18.6bn DKK 8.8bn DKK 12.6bn Employees (Q3 2026) ~3,400 ~1,300 ~2,000 Tryg at a glance • Leading market position: Tryg is the leading non-life insurer in Scandinavia. We are the largest player in Denmark, the fourth-largest in Sweden and fourth- largest in Norway • Around 6 million customers: Our 6,758 employees provide peace of mind for around 6 million customers and handle approximately 2.1 million claims on a yearly basis • Attractive dividend policy: Tryg aims to distribute a stable, nominal increase in dividends and to pay out 60-90% of operating earnings • Strong Scandinavian footprint: Revenue distribution with 46% in Denmark, 22% in Norway, and 32% in Sweden, while more than 90% of the revenue relates to retail business
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1731 Kjøbenhavns Brand, the oldest component of Tryg is established by royal decree 1995 Tryg acquires Baltica, and operates under the name Tryg- Baltica 2005 TrygVesta is listed on the OMX Nordic Stock Exchange in Copenhagen 2009 Tryg acquires the Swedish business, Moderna 2002 Tryg in Denmark acquires Nordea’s non-life activities and forms TrygVesta 2018 Tryg receives the final approval of the Alka acquisition from the Danish authorities Tryg acquires RSA’s Nordic activities (Codan Norway, Trygg-Hansa, and 50% of Codan Denmark). June 2021, Tryg sells Codan DK to Alm. Brand A/S 2021 1911 The name Tryg emerges IPO 1999 Tryg-Baltica acquires Vesta Forsikring from Skandia Demerger 1 April Completed separation of RSA Scandinavia into DK, NO, SE 2022 Codan DK closing in May Closing of Codan DK sale to Alm. Brand 2022 Tryg has a long and proud history, with the 2021 RSA acquisition pushing the boundaries even further Background material8 33
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Background material8 Norwegian market share (as of Q2 2025) Swedish market share (as of Q2 2025) Scandinavian market share (as of Q2 2025) Danish market share (as of Q2 2025) 34 Market share of Scandinavian insurance market 18% 20% 12%11% 6% 6% 29% Tryg Sampo Gjensidige Länsförsäkringar Fremtind Folksam Other 23% 21% 15% 8% 5% 5% 23% Tryg Sampo Alm. Brand Gjensidige LB Forsikring Sygeforsikringen Danmark Other 13% 26% 21% 19% 6% 4%3% 10% Tryg Gjensidige If Fremtind Storebrand Frende Forsikring KLP Skadeforsikring Other 16% 30% 17% 16% 4% 16% Tryg Länsförsäkringar If Folksam Dina federationen Other
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Distribution of new sales 2025 Background material8 35 Private segment Commercial segment 37% 23% 16% 16% 8% Customer service Sales agents Affinity Outbound Online 27% 26%17% 12% 8% 7% 3% Franchise Enter Customer service Online Outbound Sales agents Other 43% 34% 13% 6% 4% Online Customer service Outbound Atlantica + BMC Sales agents 40% 38% 22% Sales agents Customer service Broker 39% 25% 22% 12% 2% Broker Franchise Sales agents Customer service Enter 45% 41% 8% 6% Customer service Broker Sales agents Online Distribution in the Scandinavian market Distribution in the Scandinavian markets differs from many other insurance markets • Direct distribution is the main channel for Private and Commercial • There are no brokers in the private market and limited importance in the Commercial market • Aggregators almost not present in Denmark and Norway and limited presence in Sweden (Insplanet and Compriser) where they have an approximate 10% share of new sales. Trygg-Hansa (like most large players) does not cooperate with them • Corporations in Scandinavia are on average smaller than European size therefore “Corporate” business would equal to “Commercial” in most other European countries
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Background material8 Norway Insurance revenue by product 2025 Sweden Insurance revenue by product 2025 Group Insurance revenue by product 2025 Denmark Insurance revenue by product 2025 28% 4% 19%5% 26% 10% 8% Motor Workers comp Health and accident Liability Fire & property - private Fire and property comm Other 31% 29% 5% 19% 14% 2% Motor Health and accident Liability Fire & property - private Fire and property comm Other 36 42% 2%10%4% 24% 10% 8% Motor Workers comp Health and accident Liability Fire & property - private Fire and property comm Other 32% 3%20% 5% 23% 11% 6% Motor Workers comp Health and accident Liability Fire & property - private Fire and property comm Other Gross premium split
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Claims ratio (%) Expense ratio (%) Insurance revenue (DKKm) Combined ratio (%) 37 Group financial metrics 25,369 37,379 37,135 38,596 40,356 2021 2022* 2023 2024 2025 0 10,000 20,000 30,000 40,000 50,000 85.4 79.1 82.6 81.7 80.3 2021 2022* 2023 2024 2025 0 20 40 60 80 100 13.1 13.6 13.4 13.5 13.4 2021 2022* 2023 2024 2025 0 3 6 9 12 15 72.4 65.5 69.2 68.3 66.9 2021 2022* 2023 2024 2025 0 20 40 60 80 *2022 figures are pro-forma based Background material8
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Sweden (%) Denmark (%) Norway (%) 38 Group financial metrics, Combined ratio 86.8 87.2 81.5 81.8 82.4 2021 2022 2023 2024 2025 0 20 40 60 80 100 88.1 77.2 77.8 74.3 73.7 2021 2022 2023 2024 2025 0 20 40 60 80 100 86.8 85.0 91.7 92.3 86.8 2021 2022 2023 2024 2025 0 20 40 60 80 100 Background material8
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Reserves split by line of business and run-off 39 Reserves by product Q3 2026 Run-off, net of reinsurance (%) 29% 21%18% 7% 7% 7% 11% Health and accident Motor Workers comp Fire & property - Private Liability Fire & property - Commercial Other Background material8 0.6 1.7 2.4 2.0 2.3 2.4 2.1 2.5 3.5 2.4 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 (Adjusted)* Q3 2026 *Excluding one-off provision of DKK 1.2bn pre-tax related to the Supreme Court case on Danish workers' compensation insurance from 28 April 2026
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Tryg reinsurance programme Background material8 40 • Tryg has issued a per risk reinsurance programme covering single large property claims. The maximum net exposure to a single claim is DKK 200m. If a claim exceeds DKK 200m the reinsurers will cover the part above DKK 200m. When a claim occurs Tryg will have to pay a reinstatement premium to reinstate the coverage again. Tryg always reinstates its cover and the expense is part of the net large claim. The reinstatement premium is variable and dependant on the gross loss • To be protected against large natural catastrophes Tryg is covered by a cat programme. A single catastrophe across countries can not exceed a net impact above DKK 300m per event. The upper limit is statistically sufficient to cover at least a 250-year event. When an event occurs Tryg will have to pay a reinstatement premium to reinstate the coverage. Tryg always reinstates its cover and the expense is part of the net event claim. The reinstatement premium is variable and dependant on the gross loss • The trade and surety business is extensively covered by a quota share reinsurance programme, with approximately 70% of gross premiums and associated risk is transferred to reinsurers, and 70% of gross claims covered by the reinsurers • Tryg has issued a quota share reinsurance to protect the cyber insurance lines, comparable to the one described for trade and surety
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Things that you may not know Background material8 41 • Scandinavian economies have been performing better than most European countries for a long-time. The GDP growth y/y was approx. 2%, and unemployment rates remains much lower than European averages (2-3% in DK and NO). Government indebtedness is around 30% of GDP thus relatively low compared to larger European economies and citizens have a high trust in Authorities • The Scandinavian region is characterised relatively high penetration as insurance premiums as a percentage of GDP are some of the highest in the world. The high level of penetration is supported by e.g. a mandatory house insurance (if a household has a mortgage) and mandatory motor insurance (TPL part). The average household has on average +3 products • Denmark and Norway has one of the highest car taxation in the world. The heavy taxation was originally imposed to discourage people from driving and to become more concerned with the environment and health. 9 out of 10 people owns a bike whilst it accounts for more than 15% as a transportation vehicle. Car prices are significantly higher compared to the rest of the world • The Scandinavian regions is rapidly changing when it comes to digital transformation and especially when it comes to payments. Average cashless transaction per capita in Scandinavia is +300 per year whilst it is more than 50% less in rest of Europe. About 90% of all payment transaction are made through a cashless process Car price: 180,096 kr. Registration tax: 218,430 kr. VAT: 45,024 kr.
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Danish customers either completely or strongly agree Source: IBM Institute for Business Value and I.VW University of St. Gallen Insurance Study Claims: my insurance company behaves in an uncomplicated and helpful way My insurance is more cost effective than most other insurances I have full confidence in my personal insurance agent Overall I am very satisfied with the services of my insurance company My present insurance coverage offers me enough flexibility My insurance agent only sold me insurance coverage that I really needed Overall I am very satisfied with the services of my insurance company 42 Background material8 IBM study on customer satisfaction within insurance
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Background material8 43 Tryg embraces its vital role in society, working with communities to make it easier to be ‘tryg’ DKK 1,250m Member bonus 2026 Owning 49.7% of Tryg shares DKK 775m contributes in 2026
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TryghedsGruppen and its member bonus Background material8 44 TryghedsGruppen bonus Bonus has a positive effect on retention 5% 8% 6% 6% 6% 6% 7% 2020 2021 2022 2023 2024 2025 2026 Every 4th Dane received a bonus! 7% in 2026 Denmark's ‘biggest’ family TryghedsGruppen’s highest governing body is the Board of representatives. The Board composes 70 representatives chosen by and among Tryg’s Danish customers. Every year, there is an election in one of the five geographical regions in Denmark. ‘I expect to be in Tryg next year’ Have heard about member bonus Have not heard about member Bonus 90% 79%
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General good performance across ESG ratings Background material8 45 “…management practices for climate-related risks are consistent with sector standards … leads industry peers in talent development and staff engagement.” “Overall exposure considered medium, similar to subindustry average. The company’s overall management of material ESG issues is strong.” “Positive measures regarding customer and product responsibility are implemented. Its performance on the topic climate change and related risks is improving. 2025 improvements on, among other themes, targets, scope1, 2 and 3 emissions, risk disclosures, value chain engagement, governance and business strategy.
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Sweden % 2025 (realised) 2026 (forecast) 2027 (forecast) GDP growth 1.4 3.0 2.7 Private consumption 2.1 2.7 2.9 Unemployment 8.8 8.6 7.9 Consumer price index 2.6 1.4 2.7 Wages 3.6 3.5 3.5 Norway % 2025 (realised) 2026 (forecast) 2027 (forecast) GDP growth 1.1 0.9 1.0 Private consumption 2.6 1.0 3.0 Unemployment 2.1 2.3 2.4 Consumer price index 3.0 3.0 2.3 Wages 4.7 4.4 3.7 Denmark % 2025 (realised) 2026 (forecast) 2027 (forecast) GDP growth 3.5 4.0 3.0 Private consumption 2.2 1.9 2.1 Unemployment 2.9 3.1 3.5 Consumer price index 1.9 1.5 2.2 Wages 3.8 3.5 3.3 46 Macroeconomic forecast Background material8 Note: Wages in Denmark is measured as ‘Private sector wage level’, in Norway as ‘Annual wages’ and in Sweden as ‘Wages”. Consumer price index in Sweden is measured as "CPIF". Source: Nordic Outlook, Danske Bank
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Tier 1 and 2 debt outstanding Background material8 47 Loan Amount (DKK) 1. Call Maturity Tier 2 – SEK 1.3bn Tier 2 – NOK 0.85bn Tier 1 – SEK 0.9bn Tier 1 – NOK 0.6bn 0.9bn 0.6bn 0.6bn 0.4bn November 2026 May 2027 March 2028 March 2028 2051 2051 Perpetual Perpetual October 2030 2056Tier 2 – NOK 0.6bn 0.4bn October 2030 2056Tier 2 – SEK 0.8bn 0.6bn May 2031 PerpetualTier 1 – NOK 0.3bn 0.2bn May 2031 PerpetualTier 1 – SEK 0.7bn 0.5bn
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Section tracker: 27 Sans (Body) - 11 Titles: 27 Sans (Headings) - 26 Headers: 27 Sans (Body) – 16 Subheaders: 27 Sans (Body) - 13 Text: 27 Sans (Body) – 11 Small text: 27 Sans (Body) - 9 Footnotes: 27Sans-Light - 9 Text: Objects: Preferred colours: Preferred text type & size: • Moody's upgraded the IFSR rating from A1 to Aa3 and changed the outlook from positive to stable on 18 September 2026 • The rating upgrade reflects Tryg's sustained track record of strong and resilient underwriting profitability, supported by its franchise strength and top-tier position in the Nordic P&C insurance market • The rating outlook is stable reflecting that Tryg will maintain its very strong profitability both from a return on capital and underwriting perspective, a key credit strength underpinning the rating level. It also reflects that Tryg will maintain its position in the Nordic P&C market as well as robust capitalisation and strong capital generation • Credit strengths: ◦ Good geographic diversification within Nordic countries with top tier P&C market positions in Denmark, Norway and Sweden ◦ Relatively low risk of the book of business with orientation towards short- medium tail/non-industrial lines ◦ Strong profitability both from a return on capital and underwriting perspective ◦ Relatively conservative investment portfolio and low sensitivity of its capital adequacy to negative market movements ◦ Relatively low financial leverage The strong rating reflects Tryg’s solid profitability and leading market position in Scandinavian Property and Casualty (P&C) insurance Rating Insurer Financial Strength Rating (IFSR) Aa3 (Stable) Tier 2 debt rating A2 (hyb) Tier 1 debt rating Baa2 (hyb) Strong Aa3 rating with stable outlook from Moody's Background material8 Rating and underlying rationale (Tryg Forsikring A/S) Key comments 48
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Reported figures Q3 2026 and Consensus 2026-2028 Background material8 49 Q3 2026 Q3 2026 2026 2027 2028 DKKm Reported Consensus Consensus Consensus Consensus Insurance revenue 10,591 10,577 42,182 43,851 45,596 Insurance service result 2,454 2,295 7,121 8,559 8,984 Net investment result 42 -54 329 387 391 Other income and costs -373 -377 -1,509 -1,499 -1,500 Pre-tax profit 2,123 1,865 5,941 7,446 7,875 Net profit 1,625 1,410 4,547 5,631 5,960 Claims ratio 63.6 65.0 69.8 67.2 67.0 Expense ratio 13.3 13.3 13.3 13.3 13.2 Combined ratio 76.8 78.3 83.1 80.5 80.3 Large claims -169 -197 -997 -806 -817 Weather claims -83 -159 -694 -828 -839 Run off result 257 220 -132 861 916 Discounting 293 294 1,117 1,158 1,184 Underlying claims ratio Group 66.4 66.6 68.2 68.1 68.1 EPS 2.68 2.34 7.53 9.45 10.09 Operating EPS 2.96 2.67 8.81 10.72 11.39 BVPS 62.74 62.53 62.59 62.48 62.62 Ordinary dividend per share 2.15 2.15 8.60 9.03 9.43 Extraordinary share buyback (DKKm) — — 879 900 886 Solvency ratio 203 199 188 184 183 No, of shares, year-end in '000 595.870 595,541 595,404 589,928 584,687 16 analyst contributions
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Certain statements in this presentation are based on the beliefs of our management as well as assumptions made by and information currently available to the management. Forward-looking statements (other than statements of historical fact) regarding our future results of operations, financial condition, cash flows, business strategy, plans and future objectives can generally be identified by terminology such as “targets”, “believes”, “expects”, “aims”, “intends”, “plans”, “seeks”, “will”, “may”, ”anticipates”, “continues” or similar expressions A number of different factors may cause the actual performance to deviate significantly from the forward-looking statements in this presentation including but not limited to general economic developments, changes in the competitive environment, developments in the financial markets, extraordinary events such as natural disasters or terrorist attacks, changes in legislation or case law and reinsurance We urge you to read our annual report available on tryg.com for a discussion of some of the factors that could affect our future performance and the industry in which we operate Should one or more of these risks or uncertainties materialise or should any underlying assumptions prove to be incorrect, our actual financial condition or results of operations could materially differ from that described herein as anticipated, believed, estimated or expected We are not under any duty to update any of the forward-looking statements or to conform such statements to actual results, except as may be required by law Disclaimer 50 Disclaimer9