Interim report
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Tryg A/S · Klausdalsbrovej 601, 2750 Ballerup, Denmark · CVR no. 26460212 Interim report Q1-Q3 2026
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- Contents Management’s review - Contents I n t e r i m r e p o r t Q 1 - Q 3 2 0 2 6 | T r y g A / S | 2 Management’s review Highlights 3 Income overview 4 Tryg’s results 5 Business areas 8 Private 9 Commercial 10 Investment activities 12 Solvency and shareholders' remuneration 14 Financial outlook 16 Financial calendar 18 Financial statements Contents - Financial statements 19 Statement by the Supervisory Board and the Executive Board 20 Income statement 21 Statement of comprehensive income 22 Statement of financial position 23 Statement of changes in equity 24 Cash flow statement 26 Notes 27 Quarterly outlines 34 Glossary, key ratios and alternative performance measures 39 Disclaimer 41 16 Financial outlook Tryg aims to pay a nominal, stable and increasing ordinary dividend while maintaining stable results and a high level of return on capital employed 03 Highlights 08 Business areas 12 Shareholders' remuneration (Dividend per share and Extraordinary share buyback per share) Investment activities 6.3 7.4 7.8 2.05 2.15 2.05 2.15 2.05 2.15 2.05 4.6 4.3 1.0 2.8 1.7 Ordinary dividends Extraordinary share buyback 2022 2023 2024 2025 2026 8.2
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- Highlights Management’s review - Contents I n t e r i m r e p o r t Q 1 - Q 3 2 0 2 6 | T r y g A / S | 3 Financial highlights Q3 2026 2.3% 0.6pp 13.3% Revenue growth (in local currencies) Group underlying claims ratio improvement Expense ratio Q3 2025: 3.4% Q3 2025: 0.3pp (improvement) Q3 2025: 13.3% 76.8% 2,454m 42m Combined Ratio Insurance service result (DKK) Net investment result (DKK) Q3 2025: 78.6% Q3 2025: 2,181m Q3 2025: 177m 2,123m 2.15 203% Profit/loss before tax (DKK) Dividend per share (DKK) Solvency ratio Q3 2025: 1,980m Q3 2025: 2.05 Q2 2026: 196%
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- Income overview Q3 Q3 Q1-Q3 Q1-Q3 Full Year DKKm 2026 2025 2026 2025 2025 NOK/DKK, average exchange rate for the period 67.80 63.32 67.03 63.73 63.74 SEK/DKK, average exchange rate for the period 67.57 67.11 68.81 67.04 67.28 Insurance revenue 10,591 10,175 31,563 30,063 40,356 Gross claimsa) -6,574 -6,361 -21,306 -19,173 -26,210 Insurance operating costs -1,405 -1,352 -4,190 -4,021 -5,425 Insurance service expensesa) -7,978 -7,713 -25,496 -23,194 -31,636 Profit/loss on gross businessa) 2,613 2,463 6,067 6,869 8,720 Net expense from reinsurance contracts -160 -281 -768 -842 -775 Insurance service resulta) 2,454 2,181 5,299 6,028 7,945 Net investment result 42 177 306 607 778 Other income and costs -373 -379 -1,130 -1,130 -1,511 Profit/loss before taxa) 2,123 1,980 4,476 5,505 7,212 Taxa) -498 -500 -1,018 -1,377 -1,807 Profit/loss for the perioda) 1,625 1,479 3,457 4,128 5,405 Run-off gains/losses, net of reinsurancea) 257 244 -319 678 895 Key figures and ratios Total equity 37,388 38,487 37,388 38,487 39,620 Return on equity after tax (%)a) 16.9 15.1 12.2 14.1 13.7 Return on Own Funds (%)a) 47.0 42.2 33.3 40.1 40.3 Return on Tangible Equity (%)a) 74.4 65.4 48.7 57.4 54.3 Number of shares (1,000) 595,870 602,428 595,870 602,428 602,020 Earnings per share (DKK)a) 2.68 2.43 5.66 6.73 8.83 Operating earnings per share (DKK)a) 2.96 2.72 6.52 7.62 10.00 Ordinary dividend per share (DKK) 2.15 2.05 6.45 6.15 8.20 Net asset value per share (DKK) 62.74 63.89 62.74 63.89 65.81 Revenue growth in local currencies (%) 2.3 3.4 3.0 3.7 3.8 Gross claims ratioa) 62.1 62.5 67.5 63.8 64.9 Net reinsurance ratio 1.5 2.8 2.4 2.8 1.9 Claims ratio, net of reinsurancea) 63.6 65.3 69.9 66.6 66.9 Expense ratio 13.3 13.3 13.3 13.4 13.4 Combined ratioa) 76.8 78.6 83.2 80.0 80.3 Run-off, net of reinsurance (%)a) -2.4 -2.4 1.0 -2.3 -2.2 Large claims, net of reinsurance (%) 1.6 1.1 2.5 1.4 1.4 Weather claims, net of reinsurance (%) 0.8 2.0 1.1 1.4 1.5 Discounting (%) -2.8 -2.4 -2.6 -2.4 -2.4 Combined ratio by business area Private 78.3 80.8 80.4 82.1 82.1 Commerciala) 73.5 73.7 89.5 75.3 76.5 Management’s review - Contents I n t e r i m r e p o r t Q 1 - Q 3 2 0 2 6 | T r y g A / S | 4 a) Figures for Q1-Q3 2026 are impacted by the Supreme Court ruling on Danish workers' compensation insurance from 28 April 2026. The impact is a one-off provision of DKK 1.2bn pre-tax and DKK 888m post-tax. Excluding the one-off, the adjusted insurance service result was DKK 6,499m in Q1-Q3 2026.
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-- Tryg’s results Tryg reported a strong insurance service result of DKK 2,454m (DKK 2,181m) for Q3 2026 and a combined ratio of 76.8% (78.6%). The insurance service result was supported by reported revenue growth of 4.1% with the highest growth recorded in the Private segment. Growth in the Private segment stemmed from profitability initiatives in the Norwegian business and from positive commercial developments in the Swedish and Norwegian businesses. The result included large claims of DKK 169m, slightly below the normalised level of DKK 200m. Weather claims at DKK 83m were below the normalised level of DKK 160m, as weather patterns were generally benign during the summer. The underlying claims ratio (i.e. the claims ratio adjusted for volatile factors such as large and weather claims, the run-off result and interest rate movements) maintained its positive momentum and improved by 60 basis points as profitability initiatives in Private Norway continue to show effect. The run-off result was 2.4% (2.4%). The discount rate for claims provisions was 2.8% (2.4%), reflecting higher interest rates in Q3 2026 and thus adding a solid tailwind to the Group's earnings profile. Customer satisfaction score stood strongly at 83 with positive underlying trends continuing. Customer satisfaction thus met the strategic target for 2027. Tryg remains highly focused on customer satisfaction, as this is paramount for maintaining high retention rates, supporting low distribution costs and thereby achieving a low expense ratio. The quarter was marked by considerable turbulence in the financial markets and rising inflation concerns as the conflict in the Middle East re-escalated, driving oil prices up by more than 40% over the quarter. Central banks turned more restrictive as a result, with both the Federal Reserve and ECB as well as the central banks in Denmark and Norway raising their key policy rates, thus marking a reversal from the recent signs of monetary policy easing seen earlier in the year. Tryg's investment return was DKK 42m (DKK 177m) on the back of a steady performance by the match portfolio driven primarily by credit spread tightening across Denmark and Norway. Insurance revenue Insurance revenue amounted to DKK 10,591m (DKK 10,175m), corresponding to a growth of 2.3% (3.4%) in local currencies. This was driven by the Private segment growing 3.7% (3.8%) measured in local currencies with organic growth in selected segments, for instance in Private Norway. In the Commercial segment (which includes both the SME and the corporate portfolios), growth measured in local currencies was negative at -0.7% (2.4%) with the SME portfolio developing more favourably than the corporate portfolio. Negative growth in the Commercial segment continued to be driven by the less than satisfactory renewals on 1 January 2026, continued challenged retention levels in Denmark, and the churn of a few large clients in the corporate portfolio. Tryg continued its efforts to improve commercial momentum with a focus on profitable growth and announced two new partnerships during the quarter. A partnership with Mercedes-Benz Management’s review - Contents I n t e r i m r e p o r t Q 1 - Q 3 2 0 2 6 | T r y g A / S | 5 Tryg reported a record-high insurance service result of DKK 2,454m (DKK 2,181m) in Q3 2026. Revenue growth was 4.1% measured in DKK, or 2.3% in local currencies, with the highest growth in Norway. The underlying claims ratio maintained its positive momentum, improving by 60 basis points for the Group primarily driven by the Private segment, which improved by 80 basis points. The investment result was DKK 42m (DKK 177m). Tryg recorded a pre-tax result of DKK 2,123m (DKK 1,980m) and is paying a dividend for the third quarter of DKK 2.15 per share. The solvency ratio at the end of Q3 2026 was 203%. Group insurance service result, Q3 2026 vs Q3 2025 (DKKm) 2,181 2,454 Q3 2025 Growth Underlying claims development Large & Weather claims Discounting (Interest rates) Run-off Costs Currencies Q3 2026
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-- in Sweden will see Trygg-Hansa become Mercedes-Benz's official insurance partner from 1 January 2027. In Norway, a partnership with the fast-growing car brand XPENG was launched on 1 August 2026. Together with previously launched commercial initiatives, these partnerships are expected to further support commercial momentum heading into 2027 with positive trends already evident in sales performance. Claims The claims ratio, net of reinsurance, was 63.6% (65.3%) for the quarter. The underlying claims ratio for the Group improved by 60 basis points with progress in both the Private and Commercial segments driven by the continuing effects of profitability initiatives. In the Private segment, the underlying claims ratio improved by 80 basis points, primarily as already implemented profitability measures in Norway continued to show effect. Weather claims for the quarter amounted to DKK 83m (DKK 200m), below both the Q3 2025 level and the guided level of DKK 160m for the quarter. The quarter was characterised by rather benign weather patterns across the Scandinavian region. Large claims amounted to DKK 169m (DKK 114m), slightly below the guided quarterly level of DKK 200m but somewhat above the level in Q3 2025. Discounting (interest rates used to discount the claims reserves) rose as a result of increasing interest rates, giving a discount rate of 2.8% (2.4%). Expenses The expense ratio was reported at 13.3% (13.3%). Tryg remains focused on maintaining tight cost controls and views this as a key competitive advantage. The expense ratio is expected to be stable to slightly improving towards 2027 as disclosed at Tryg's most recent Capital Markets Day (CMD). Investment activities The investment result for the quarter totalled DKK 42m (DKK 177m). The quarter was characterised by increased financial market volatility as the conflict in the Middle East re- escalated. Covered bond yields moved higher, and credit spreads narrowed in Denmark and Norway, while Sweden moved marginally in the opposite direction. At the same time, equity market volatility increased amid renewed concerns about AI-related valuations. The free portfolio reported a result of DKK -59m (DKK 87m), reflecting the negative mark-to-market impact of the fixed income portfolio on the back of rising interest rate levels, while the match portfolio reported a result of DKK 124m (DKK 177m) for the quarter. Other financial income and expenses totalled DKK -23m (DKK -87m), somewhat better than normalised expectations of DKK -75m due to a favourable development in inflation expectations and currencies. At its Capital Markets Day in December 2024, Tryg announced that real estate would no longer be a part of its asset allocation in the long term. In Q3 2026, the company continued its efforts to reduce real estate exposure by selling approximately DKK 250m of such assets. Thus, real estate exposure was reduced to DKK 1.9bn by the end of Q3 2026. The divested real estate assets were replaced by covered and government bonds. Tryg is among the European insurers least exposed to asset risk due to its very conservative asset allocation. Other income and costs Other income and costs amounted to DKK 373m (DKK 379m). The largest costs in this line were the amortisations of customer relations, e.g. related to the RSA transaction and primarily the Trygg-Hansa acquisition, which totalled DKK 210m for the quarter. This line also includes other non-insurance costs. Profit/loss before and after tax Profit/loss before tax was DKK 2,123m (DKK 1,980m), whilst profit/loss after tax was DKK 1,625m (DKK 1,479m), implying an overall tax expense of DKK 498m (DKK 500m). This corresponds to a tax rate of 23.4% (25.3%), slightly lower than Tryg's normalised guidance at approximately 24.5%. Dividend and solvency Tryg's own funds amounted to DKK 14,080m, while the solvency capital requirement (SCR) was DKK 6,940m at the end of Q3 2026, resulting in a solvency ratio of 203%. The SCR increased slightly over the quarter as a tailwind from the sale of real estate assets was more than offset by business evolution and FX developments. Tryg will be paying a dividend for the quarter of DKK 2.15 per share. The return on own funds (ROOF) was 47.0%. Q1-Q3 2026 results Insurance revenue growth of 3.0% (3.7%) measured in local currencies was mainly driven by portfolio growth in selected segments and profitability initiatives to mitigate inflation, particularly in Private Norway. The insurance service result was DKK 5,299m (DKK 6,028m), or DKK 6,499m when adjusting for the one-off provision on Danish workers' compensation booked in Q2 2026. The claims ratio, net of reinsurance, was 69.9% (66.6%), or 66.1% when adjusting for the one-off provision on Danish workers' compensation. Large and weather claims combined were somewhat below budget for the first nine months of 2026, while Q1-Q3 2025 had an even more benign claims experience. Tryg paid a dividend of 2.15 per share for the first two quarters of 2026 and will likewise pay DKK 2.15 per share for Q3 2026, totalling DKK 6.45 per share for the first nine months of 2026. Management’s review - Contents I n t e r i m r e p o r t Q 1 - Q 3 2 0 2 6 | T r y g A / S | 6
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--Management’s review - Contents I n t e r i m r e p o r t Q 1 - Q 3 2 0 2 6 | T r y g A / S | 7 Savings on travel assistance from 2027 Progress on '27 Strategy Selected highlights UNITED TOWARDS '27 Strategy enablers People Tryg maintains high employee engagement IT Continued simplification of IT landscape Sustainability Partnering with suppliers to drive climate action Tryg’s latest Employee Engagement Survey showed an engagement score of 79 out of 100, an increase of 1 point compared to the Pulse 2026 survey and in line with the level recorded in 2025. The score remains 3 points above the external GELx Nordic Financial Market benchmark of 76, indicating a healthy and highly engaged organisation. Tryg continues to simplify its IT landscape and reduce system complexity. In Sweden, the number of tools used to manage mainframe performance has been reduced from 43 to 22, while two API platforms have been consolidated into one. Modern solutions are more cost- efficient and easier for employees to use, resulting in a simpler, scalable and resilient IT setup that supports our strategic and financial goals under Scale & Simplicity. A significant share of Tryg’s CO2 emissions derives from the value chain, making supplier engagement essential to reducing emissions. To support the ambition that 40% of suppliers have science-based targets by 2029, Tryg recently hosted a webinar offering practical guidance for suppliers on their decarbonisation journeys. As reported in the 2025 Annual Report, Tryg is making solid progress, with 23% of suppliers already having SBTi-validated targets. -7% Savings on travel assistance from 2027 Strategy pillars Scale & Simplicity Technical Excellence Customer & Commercial Excellence Extended Nordic partnership with SOS International Scaling advanced risk modelling New motor partnerships in Sweden and Norway In a joint Nordic sourcing process, Tryg has strengthened its travel assistance setup across the Nordics through an extended partnership with SOS International. SOS International has been a valued sourcing partner for Trygg-Hansa in Sweden for many years and, as part of the extended agreement, will also serve as the travel assistance provider in Denmark and Norway from 2027. The extended agreement secures improved commercial terms and is expected to deliver ~7% cost savings on travel assistance spend. Tryg is advancing its pricing sophistication through increased use of machine learning. Recently implemented for Leisure House Insurance in Private Denmark, the approach supports more accurate pricing by identifying individual risk more precisely. The models are also easier and >50% faster to update, enabling claims and customer data to be incorporated as risk patterns evolve. The improved process will be further scaled across Scandinavia. In total, the initiative accounts for close to one-third of our previously communicated DKK 150m total target benefit from pricing excellence. Tryg has entered new partnerships with Mercedes-Benz in Sweden and XPENG in Norway, supporting profitable growth in the motor segment. From 1 January 2027, Trygg-Hansa will become Mercedes-Benz’s official insurance partner, providing insurance solutions for private and commercial customers for all new Mercedes- Benz passenger cars sold in Sweden. With approx. 23,000 vehicles sold annually, the partnership provides access to a significant customer base through an integrated distribution channel. In Norway, the partnership with XPENG started on 1 August 2026, with the joint ambition of distributing Tryg insurance products alongside new XPENG vehicles. 2025 2026 YTD New motor partnerships signed in the strategy period (acc.) Time between updates -50%
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- Business areas Management’s review - Contents I n t e r i m r e p o r t Q 1 - Q 3 2 0 2 6 | T r y g A / S | 8 69% 31% Private Commercial Private provides insurance products to private customers in Denmark, Sweden and Norway. Private offers a range of insurance products including motor, content, house, accident, travel, motorcycle, pet and health. Commercial provides insurance products to small and medium- sized commercial and corporate customers in Denmark, Sweden and Norway. Commercial offers a range of insurance products including motor, property, liability, workers’ compensation, travel and health. of Group's total insurance revenue of Group's total insurance revenue Distribution channels Distribution channels O n l i n e • C a l l c e n t r e s • O w n s a l e s a g e n t s • P a r t n e r • F r a n c h i s e s • B a n c a s s u r a n c e • C a r d e a l e r s • R e a l e s t a t e a g e n t s O w n s a l e s a g e n t s • O n l i n e • Call centres • F r a n c h i s e s • Insurance brokers • Partner • Bancassurance BrandsBrands
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- Private Results Q3 2026 Insurance service result The Private segment reported an insurance service result of DKK 1,588m (DKK 1,333m) and a combined ratio of 78.3% (80.8%). The higher insurance service result was supported by top- line growth, an improvement in the underlying claims ratio and a higher level of run-off for the quarter. Insurance revenue Insurance revenue amounted to DKK 7,327m (DKK 6,943m), corresponding to growth of 3.7% (3.8%) measured in local currencies. Growth was in line with expectations with Norway contributing the most. Across geographies, growth was positively impacted by portfolio growth in selected segments and further supported by profitability initiatives to balance inflation, although the impact of these initiatives continued to moderate. Profitability actions were most marked in Norway within the motor segment as the adoption rate of modern technology cars increases. Competition generally remains healthy across Scandinavia and profitability initiatives were mostly accepted by customers, demonstrating a high level of customer satisfaction. Across all geographies, retention rates improved slightly during the quarter, continuing the recent trends of positive progress. Retention rates continue their recent positive trend and are developing as expected. Further positive developments are anticipated as lower inflationary pressure requires less significant profitability initiatives. Claims The claims ratio, net of reinsurance, was 65.6% (67.9%). The underlying claims ratio improved by 80 basis points in Q3 2026, building on the momentum experienced in 2025 and H1 2026. This positive development was primarily driven by further profitability improvements in Norway. As organic growth accelerates, improvements in the underlying claims ratio are expected to be more muted. Weather claims of 0.8% (2.3%) for the quarter developed favourably due to benign weather patterns during the summer. Run-off was 3.1% (2.2%). Expenses The expense ratio improved slightly to 12.8% (12.9%), in line with expectations. It is important to note that minor fluctuations within a quarter are considered normal. The current expense ratio level allows Tryg to invest in commercial initiatives and further business development. Q1-Q3 2026 results The insurance service result was DKK 4,270m (DKK 3,652m). The claims ratio, net of reinsurance, was 67.8% (69.2%), supported by a favourable weather claims experience of 1.2% (1.6%) and a higher run-off level at 2.8% (2.1%) but partly offset by an adverse large claims development of 0.6% (0.2%). The expense ratio was 12.6% (12.9%) and developed favourably. Management’s review - Contents I n t e r i m r e p o r t Q 1 - Q 3 2 0 2 6 | T r y g A / S | 9 Key figures - Private Q3 Q3 Q1-Q3 Q1-Q3 Full Year DKKm 2026 2025 2026 2025 2025 Insurance revenue 7,327 6,943 21,783 20,439 27,525 Gross claims -4,735 -4,646 -14,552 -13,958 -18,891 Insurance operating costs -935 -898 -2,750 -2,638 -3,542 Insurance service expenses -5,670 -5,544 -17,302 -16,596 -22,433 Profit/loss on gross business 1,657 1,399 4,481 3,843 5,092 Net expense from reinsurance contracts -69 -66 -211 -190 -161 Insurance service result 1,588 1,333 4,270 3,652 4,931 Run-off gains/losses, net of reinsurance 224 154 620 438 569 Key figures and ratios Revenue growth in local currencies (%) 3.7 3.8 4.6 4.4 4.7 Gross claims ratio 64.6 66.9 66.8 68.3 68.6 Net reinsurance ratio 0.9 1.0 1.0 0.9 0.6 Claims ratio, net of reinsurance 65.6 67.9 67.8 69.2 69.2 Expense ratio 12.8 12.9 12.6 12.9 12.9 Combined ratio 78.3 80.8 80.4 82.1 82.1 Combined ratio exclusive of run-off 81.4 83.0 83.2 84.3 84.2 Run-off, net of reinsurance (%) -3.1 -2.2 -2.8 -2.1 -2.1 Large claims, net of reinsurance (%) 1.6 0.3 0.6 0.2 0.3 Weather claims, net of reinsurance (%) 0.8 2.3 1.2 1.6 1.5 69% The business area accounts for 69% of the Group’s total insurance revenue Financial highlights Q3 2026 3.7% 1,588m 12.8% 78.3% Revenue growth (in local currencies) Insurance service result (DKK) Expense ratio Combined ratio Q3 2025: 3.8% Q3 2025: 1,333m Q3 2025: 12.9% Q3 2025: 80.8%
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- Commercial Results Q3 2026 Insurance service result The Commercial segment reported an insurance service result of DKK 866m (DKK 849m) and a combined ratio of 73.5% (73.7%). The insurance service result increased by 2% driven by a positive development in the underlying claims ratio and by large and weather claims developing favourably, partly offset by a lower run-off result compared to Q3 2025. Insurance revenue Reported insurance revenue grew 1.0% to DKK 3,265m (DKK 3,233m), while growth measured in local currencies was negative at -0.7% (2.4%), which was largely in line with expectations. The SME portfolio developed favourably compared to the corporate portfolio, supported by profitability initiatives. The overall growth level reflects a less than satisfactory renewal situation on 1 January 2026 in Denmark and the churn of a few large clients from the Corporate portfolio, which will impact growth rates throughout 2026. Growth from profitability initiatives has been reduced as inflation is more subdued. Retention rates in Denmark remained challenged but improved slightly in the quarter, marking a trend shift after a prolonged period of inflation-linked pricing measures. In Norway, retention rates remained stable, while Sweden showed a small improvement over the quarter. Price adjustments were mostly accepted by customers, as indicated by retention rates in all countries, which demonstrate a high level of loyalty and satisfaction across the customer base. Claims The claims ratio, net of reinsurance, was 59.1% (59.7%) for the quarter. The claims ratio, net of reinsurance was adversely impacted by a lower level of run-off at 1.0% (2.8%) but partly mitigated by a favourable large and weather claims development of 1.6% (2.9%) and 0.7% (1.3%), respectively. The underlying claims ratio improved over the quarter following profitability initiatives across geographies. Expenses The expense ratio rose briefly to 14.4% (14.0%). Small quarterly fluctuations should be expected, and Tryg's focus on tight cost control remains unchanged. The segment primarily aims to reduce distribution costs by improving retention and leveraging more efficient sales channels. Management’s review - Contents I n t e r i m r e p o r t Q 1 - Q 3 2 0 2 6 | T r y g A / S | 1 0 Key figures - Commercial Q3 Q3 Q1-Q3 Q1-Q3 Full Year DKKm 2026 2025 2026 2025 2025 Insurance revenue 3,265 3,233 9,780 9,624 12,831 Gross claimsa) -1,839 -1,715 -6,755 -5,215 -7,320 Insurance operating costs -469 -454 -1,440 -1,383 -1,883 Insurance service expensesa) -2,309 -2,169 -8,195 -6,597 -9,203 Profit/loss on gross businessa) 956 1,064 1,585 3,027 3,628 Net expense from reinsurance contracts -90 -215 -557 -651 -614 Insurance service resulta) 866 849 1,028 2,375 3,015 Run-off gains/losses, net of reinsurancea) 33 91 -939 240 326 Key figures and ratios Revenue growth in local currencies (%) -0.7 2.4 -0.3 2.2 2.0 Gross claims ratioa) 56.3 53.0 69.1 54.2 57.0 Net reinsurance ratio 2.8 6.7 5.7 6.8 4.8 Claims ratio, net of reinsurancea) 59.1 59.7 74.8 61.0 61.8 Expense ratio 14.4 14.0 14.7 14.4 14.7 Combined ratioa) 73.5 73.7 89.5 75.3 76.5 Combined ratio exclusive of run-offa) 74.5 76.6 79.9 77.8 79.0 Run-off, net of reinsurance (%)a) -1.0 -2.8 9.6 -2.5 -2.5 Large claims, net of reinsurance (%) 1.6 2.9 6.6 3.8 3.9 Weather claims, net of reinsurance (%) 0.7 1.3 0.8 0.9 1.4 31% The business area accounts for 31% of the Group’s total insurance revenue a) Figures for Q1-Q3 2026 are impacted by the Supreme Court ruling on Danish workers' compensation insurance from 28 April 2026. The impact is a one-off provision of DKK 1.2bn pre-tax and DKK 888m post-tax. Excluding the one-off, the adjusted insurance service result was DKK 2,228m in Q1-Q3 2026. Financial highlights Q3 2026 -0.7% 866m 14.4% 73.5% Revenue growth (in local currencies) Insurance service result (DKK) Expense ratio Combined ratio Q3 2025: 2.4% Q3 2025: 849m Q3 2025: 14.0% Q3 2025: 73.7%
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- Q1-Q3 2026 results The insurance service result was DKK 1,028m (DKK 2,375m), or DKK 2,228m adjusted for the one-off provision of DKK 1.2bn on Danish workers' compensation insurance related to the Supreme Court ruling in April that was recognised in Q2 2026. The claims ratio, net of reinsurance, was 74.8% (61.0%), or 62.5% excluding the one-off workers' compensation provision. Large claims developed adversely to 6.6% (3.8%), primarily in Denmark and Sweden, while weather claims were stable at 0.8% (0.9%). The underlying claims ratio improved, driven by further profitability initiatives and the pruning of the portfolio. Run-off amounted to -9.6% (2.5%), or 2.7% adjusted for the one-off provision on Danish workers' compensation. The expense ratio was 14.7% (14.4%). Management’s review - Contents I n t e r i m r e p o r t Q 1 - Q 3 2 0 2 6 | T r y g A / S | 1 1
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-- Investment activities Financial markets turned considerably more turbulent in the third quarter of 2026, reversing the stabilisation seen in the second quarter. The conflict in the Middle East re-escalated significantly, with renewed hostilities and attacks on Persian Gulf energy infrastructure pushing Brent oil prices up by more than 40% in the quarter and reviving inflation concerns. Central banks turned markedly more restrictive as a result. The Federal Reserve raised its policy rate for the first time since 2023, while the ECB, the Danish Central Bank and the Central Bank of Norway followed suit with their own rate increases. This marked a clear reversal from the rate cut expectations in the second quarter. Scandinavian covered bond yields moved higher and credit spreads narrowed in Denmark and Norway on safe-haven flows, while Sweden moved slightly in the opposite direction. Equity volatility increased during the quarter on renewed AI-valuation concerns. Currency markets reflected these diverging dynamics with NOK strengthening on higher oil prices and the Central Bank of Norway's restrictive stance, while SEK continued to weaken against DKK amid a widening interest rate gap versus the euro area. The total market value of Tryg's investment portfolio was DKK 58bn at the end of Q3 2026. The investment portfolio is split into a match portfolio and a free portfolio. The match portfolio of DKK 45bn is made up of low-risk fixed income securities designed to minimise interest rate risk and lower capital consumption by matching the duration of the insurance liabilities. At the end of Q3 2026, the free portfolio had a market value of DKK 14bn. In Q3 2026, the net investment result was DKK 42m (DKK 177m in Q3 2025). The net investment result includes other financial income and expenses in addition to the free and match portfolios. Match portfolio The match portfolio reported a result of DKK 124m (DKK 177m). The match result is mainly driven by the yield from interest income on premium provisions, but in this quarter the match portfolio was also positively impacted by credit spread narrowing on Danish and Norwegian covered and government bonds. Over time, the hedging strategy of the match portfolio is designed to yield the return on the premium provisions, but from time to time, and particularly during periods of volatility, larger mismatches can occur in both a positive and negative direction. Insurance claims provisions are discounted with swap-based interest rates and hedged using a combination of short-duration Scandinavian covered bonds and interest rate swaps. Hence, developments in the spread between covered bonds and swap rates determine the return of the match portfolio. A narrowing of the spreads constitutes a gain, while a widening of the spreads constitutes a loss. In the current Scandinavian interest rate environment for short-duration covered bonds, Management’s review - Contents I n t e r i m r e p o r t Q 1 - Q 3 2 0 2 6 | T r y g A / S | 1 2 Return - Investments Q3 Q3 Q1-Q3 Q1-Q3 Full Year Market value DKKm 2026 2025 2026 2025 2025 30.09.2026 31.12.2025 Free portfolio, gross return -59 87 94 289 320 13,690 14,714 Match portfolio 124 177 362 537 724 44,802 44,550 Other financial income and expenses -23 -87 -150 -220 -267 — — Net investment result 42 177 306 607 778 58,492 59,264 Return - free portfolio Q3 Q3 Q3 Q3 Q1-Q3 Q1-Q3 Q1-Q3 Q1-Q3 Market value DKKm 2026 2026 (%) 2025 2025 (%) 2026 2026 (%) 2025 2025 (%) 30.09.2026 31.12.2025 Covered Bonds -74 -0.7 62 0.6 40 0.4 246 2.5 11,054 11,519 Government Bonds 2 0.3 6 0.7 9 1.2 22 2.6 749 854 Real Estate 12 0.7 19 0.7 45 2.5 22 0.8 1,887 2,342 Total -59 -0.4 87 0.6 94 0.7 289 2.1 13,690 14,714
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--- the expected return on premium provisions is estimated at around DKK 75m per quarter. Free portfolio The free portfolio reported a result of DKK -59m (DKK 87m). Tryg's asset of choice, Scandinavian covered bonds, reported a return of -0.7%, while the government bonds (a significantly smaller asset class for Tryg) reported a return of 0.3%. The negative return from covered and government bonds reflects fair value losses resulting from the higher interest rate climate. Looking ahead, this development is favourable for Tryg's investment income. The real estate portfolio reported a positive return of DKK 12m for the quarter. At the end of Q3 2026, covered and government bonds represent some 86% of the free portfolio, while real estate represents the remaining 14%. Real estate will not be an asset of choice in the long term, as disclosed at Tryg's CMD in 2024, and in Q3 2026 Tryg managed to reduce real estate exposure by approximately DKK 250m, thereby lowering (all else being equal) the SCR by some DKK 25m. Other financial income and expenses Tryg books various items against this line. On a normalised basis, approximately half of the amount is made up of interest expenses on subordinated loans. Also included are costs related to currency hedges to protect own funds, the net result of the inflation hedge and costs related to running the investment activities. Other financial income and expenses amounted to DKK -23m (DKK -87m), somewhat better than Tryg's normalised expectations due to favourable developments in inflation expectations and currencies. Management’s review - Contents I n t e r i m r e p o r t Q 1 - Q 3 2 0 2 6 | T r y g A / S | 1 3 Modelling the free portfolio The free portfolio is made up of approx. 86% Scandinavian covered bonds and government bonds with an average duration of 2 years as well as approx. 14% in real estate. To model the return of the Scandinavian covered and government bonds' portfolio, a weighted average of the following two Bloomberg indexes can be used, 50% NYKRCMB2 and 50% NYKRCMG2. The real estate portfolio is assumed to produce a normalised annual return of 6.5%, as disclosed at Tryg's CMD in December 2024.
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- Solvency and shareholders' remuneration Tryg’s solvency ratio is a function of developments in own funds and the solvency capital requirement (based on the approved partial internal model). Tryg has modelled the insurance risk internally, while all other risks are modelled based on the standard formula. The capital model is based on Tryg’s risk profile and takes into consideration the composition of Tryg’s insurance portfolio, geographical diversification, reinsurance programme, investment mix and overall level of profitability. The solvency ratio was 203% at the end of Q3 2026 compared to 196% at the end of Q2 2026. The key components of Tryg’s own funds are shareholders’ tangible equity, qualifying debt instruments (both Tier 1 and Tier 2 debt) and future profits. Own funds totalled DKK 14,080m at the end of Q3 2026 vs DKK 13,581m at the end of Q2 2026. Own funds increased as strong earnings drove a lower payout ratio of 73% for the quarter. The quarterly dividend payment is already deducted from own funds at the end of Q3. The solvency capital requirement (SCR) is calculated in such a way that Tryg should be able to honour its obligations in 199 out of 200 years. At the end of Q3 2026, Tryg’s SCR was DKK 6,940m, largely unchanged compared to the Q2 2026 level of DKK 6,932m. Business developments and a higher NOK/DKK exchange rate were offset by a reduction in real estate exposure that released approximately DKK 25m of SCR. Tryg’s solvency ratio continues to display low sensitivity to capital market movements. Highly rated and liquid fixed-income securities represent some 95% of Tryg’s invested assets. The greatest sensitivity is to spread risk, where a widening/tightening of 100 basis points would impact the solvency ratio by approximately 15 percentage points (covered bonds). The low sensitivity to interest rate risk is due to an active strategy of mitigating this risk via the match investment portfolio and interest rate swaps. The relatively low sensitivities to currency risk are due to Tryg's FX strategy of reducing FX risk on the balance sheet and thereby protecting the solvency ratio and dividend capacity. Shareholders’ remuneration The Supervisory Board regularly assesses Tryg's capital structure in light of internal future earnings forecasts and balance sheet needs. The projections include initiatives set out in the company’s strategy for the coming years and are also based on the most significant risks identified by the company. Capital adequacy is measured in relation to Tryg’s strategic targets, including the return on own funds (ROOF) target and the dividend policy. Tryg will pay a Q3 dividend per share of DKK 2.15 on 14 October 2026. TryghedsGruppen, Tryg's largest shareholder, owns 50.1%a) of the shares (free float) and targets >50% ownership of issued shares. Management’s review - Contents I n t e r i m r e p o r t Q 1 - Q 3 2 0 2 6 | T r y g A / S | 1 4 Own funds (DKKm) Solvency Capital Requirement (DKKm) 6,932 6,940 Q2 2026 Q3 2026 13,581 14,080 Q2 2026 Q3 2026 Shareholders' remuneration (DKK per share) Solvency ratio development (%) 204 196 192 196 203 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 6.3 7.4 7.8 2.05 2.15 2.05 2.15 2.05 2.15 2.05 4.6 4.3 1.0 2.8 1.7 Ordinary dividends Extraordinary share buyback 2022 2023 2024 2025 2026 a) Calculated excluding Tryg's own shares 8.2
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- Tryg continues to aim to offer a nominally stable and increasing ordinary dividend on an annual basis. The targeted annual payout ratio of 60-90% (based on operating earnings) is secondary to the aim of increasing the annual dividend. Moody’s rating upgrade On 18 September 2026, Moody's upgraded Tryg's insurer financial strength rating (IFSR) from 'A1' to 'Aa3' with a stable outlook. The rating agency highlights Tryg’s strong position in the Nordic P&C market, robust profitability, very good asset quality and relatively low financial leverage. Moody’s assigned an 'A2' rating to Tryg’s Tier 2 debt and a 'Baa2' rating to Tryg’s Tier 1 debt. Management’s review - Contents I n t e r i m r e p o r t Q 1 - Q 3 2 0 2 6 | T r y g A / S | 1 5
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- Financial outlook The Scandinavian non-life insurance markets remain generally stable, as consumers cover their insurance needs well and customer satisfaction is high. Growth in the industry has been accelerating in recent years driven by price adjustments to match inflationary pressure, but these adjustments are gradually tapering off. Historical long-term growth in the Private and Commercial segments has been hovering around low-to-mid single digit. Capital Markets Day in London Tryg hosted a Capital Markets Day in London in December 2024 and presented its 2027 financial and strategic targets. Tryg is targeting an insurance service result in the range of DKK 8.0-8.4bn in 2027 with a combined ratio of around 81%. Tryg is also targeting a return on own funds (ROOF) of between 35% and 40%. The financial targets assume unchanged interest and currency exchange rates as well as a normalised level of large and weather claims - both at DKK 800m per annum - during the strategy period. The insurance service result is anticipated to grow by DKK 1bn from the normalised 2024 level to 2027 with three pillars being the key drivers: Scale & Simplicity (DKK 500m), Technical Excellence (DKK 300m) and Customer & Commercial Excellence (DKK 200m). The most important initiatives are detailed in the CMD presentation. 2026 outlook Tryg's revenue growth in 2026 is expected to come primarily from the retail portfolios (Private & Commercial), while growth in the upper part of the Commercial segment (the former Corporate segment) is likely to be more limited. In the past few years, insurance revenue growth has mainly been driven by price adjustments to offset inflationary pressure. Price adjustments are tapering off following lower inflation levels, which is why Tryg is shifting its focus towards sustainable organic growth. Tryg is rapidly adjusting to this new environment, but lower price increases and the fact that new business takes time to earn through mean that revenue growth for the full year will be around 3% measured in local currencies. Revenue growth will stem primarily from the Private segment, while the Commercial segment will contribute a lower level of growth. Revenue growth measured in local currencies is expected to be higher in 2027. Longer term, Tryg anticipates growth gradually becoming more balanced through a focus on cross-selling and up-selling to existing customers as well as by attracting new customers through commercial activities. Tryg reported a normalised (adjusted for the more favourable-than-normal large and weather claims experience) insurance service result of just above DKK 7.5bn in 2025 and is targeting a record-high insurance service result of DKK 8.0-8.4bn in 2027 - assuming interest rates and currency levels as at 4 December 2024 (CMD date) and guided large/weather claims. The insurance service result is expected to increase gradually on a normalised basis throughout the remainder of the strategy period. In Q2 2026, Tryg recognised a one-off provision of DKK 1.2bn related to the Supreme Court ruling on Danish workers' compensation insurance, making the reported full-year 2026 figures an outlier in this trajectory. High retention levels in Scandinavia coupled with dedicated cost management have historically enabled Tryg to maintain stable and low expense ratios. This cost focus will continue, with reinvestments strategically directed to shaping the business for the future. As a well-diversified insurer with three large businesses in Scandinavia, Tryg expects a run- off level of approximately 2%. Tryg remains confident in the strength of its reserve position and will continue its prudent reserving practices. Tryg's insurance business is generally stable but can experience volatility due to weather events and large claims. These factors must be monitored over extended periods given that their impact can vary annually, as evidenced by historical data on large and weather-related claims. Tryg is protected by a well-structured reinsurance programme to mitigate volatility, though some fluctuations are inevitable. Large claims are anticipated to be evenly distributed across the quarters at an expected annual level of DKK 800m. Historical data suggests that weather claims will amount to approximately DKK 800m annually with seasonal variations: 40% of these claims are expected in Q1, 10% in Q2, 20% in Q3 and 30% in Q4. The general interest rate environment affects the discounting of Tryg's claims reserves. A 100 basis points increase in interest rates leads to a 100 basis points improvement in the combined ratio, all else being equal, as Tryg would discount its claims reserves with a higher interest rate level, therefore reporting a lower level of claims costs in the income statement. Additionally, while the combined ratio is virtually unaffected by currency fluctuations, significant weakness in either the Norwegian or Swedish currencies against the Danish currency would negatively impact the insurance service result, and vice versa. In 2026, other income and costs are expected to be between DKK -1.4 and DKK -1.5bn. The primary item booked against this line is the intangibles amortisation from the RSA Scandinavia acquisition, which is currently Management’s review - Contents I n t e r i m r e p o r t Q 1 - Q 3 2 0 2 6 | T r y g A / S | 1 6 Insurance revenue growth will primarily come from the retail segment, while the profitability outlook is supported by a normalised inflation environment and the effects of pricing initiatives. Tryg targets an insurance service result of DKK 8.0-8.4bn in 2027 driven by a combined ratio of around 81%. Return on own funds is targeted at between 35% and 40% in 2027.
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- expected to be around DKK 800m per annum, depending on SEK and NOK volatility. To calculate operating earnings, intangibles amortisation after tax (currently around DKK 630m per annum, depending on SEK and NOK volatility) must be added back to the reported earnings. Investment activities (DKK 58bn as per end of Q3 2026) are managed taking into consideration the specifics of the non-life insurance business. Invested assets are split into a match portfolio (DKK 45bn at end-Q3 2026) and a free portfolio (DKK 14bn at end-Q3 2026). The match portfolio is primarily made up of Scandinavian covered bonds (rated AAA) matching the insurance liabilities. The objective is for the return on the match portfolio to be as close as possible to zero, as capital gains or losses driven by interest rate movements should result in similar, but opposite, movements on assets and liabilities. The return on premium provisions is also booked as part of the match portfolio and is expected to be around DKK 300m per annum at the current level of interest rates. Following the de-risking of investments announced at the CMD in December 2024, Tryg expects a more stable return from the free portfolio, which currently comprises only covered and government bonds (86% of the total free portfolio) with a two-year duration and real estate (14% of the total free portfolio). Tryg has additionally disclosed that real estate will not be part of the asset mix in the long term - covered and government bonds will be the only asset class. The overall full-year tax rate for 2026 is expected to be approximately 23% driven by the one-off workers' compensation of DKK 1.2bn recognised in the Q2 accounts, which impacts profits in Denmark. Going forward, the full-year tax rate is expected to be approximately 24.5%. This reflects Tryg’s earnings distribution across Sweden, which has the lowest corporate tax rate at 20.6%, Norway, which has a corporate tax rate of 25% for the financial sector, and Denmark, which has the highest rate at 26%, including the special ‘Arne tax’ for financial institutions. The investment result may also weigh either positively or negatively on the tax rate. Tryg will continue to focus on disciplined capital management, and with ambitious profitability targets delivered with a high return on own funds targeted in the range of 35-40%, Tryg continues to aim to offer a nominally stable and increasing ordinary dividend on an annual basis. The targeted payout ratio of 60-90% (based on operating earnings) is secondary to the aim of increasing the annual dividend. Management’s review - Contents I n t e r i m r e p o r t Q 1 - Q 3 2 0 2 6 | T r y g A / S | 1 7 Financial KPIs 2027 8.0-8.4bn ~81% 35-40% 17-18bn Insurance service result (DKK)1) Combined ratio1) Return on own funds Ordinary dividends and extraordinary share buyback2) Strategic KPIs 2027 >55% 83 6% Straight-through processing Customer satisfaction Average CO2e emission reduction per claim 1) Assuming interest rates and currency levels are as at 4 December 2024 (CMD date) and guided large/weather claims 2) Including DKK 15-16bn ordinary dividend range during 2025-2027 and the DKK 2bn extraordinary share buyback announced at CMD 2024
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- Financial calendar Management’s review - Contents I n t e r i m r e p o r t Q 1 - Q 3 2 0 2 6 | T r y g A / S | 1 8 Gianandrea Roberti Head of Financial Reporting, SVP +45 20 18 82 67 gianandrea.roberti@tryg.dk Robin Hjelgaard Løfgren Head of Investor Relations +45 41 86 25 88 robin.loefgren@tryg.dk Ilker Yildirim Analyst, Investor Relations + 45 41 86 06 10 ilkerdervis.yildirim@tryg.dk Ilze Karahona Project Manager, Investor Relations +45 41 86 42 34 ilze.karahona@tryg.dk Anders Vangsgaard Investor Relations Manager +45 41 86 20 99 anders.vangsgaard@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: 12 Oct. 2026 Tryg shares are traded ex-dividend 14 Oct. 2026 Payment of Q3 dividend 22 Jan. 2027 Annual Report 2026 31 Mar. 2027 Annual General Meeting 13 Apr. 2027 Interim report Q1 2027 09 Jul. 2027 Interim report Q2 and H1 2027 14 Oct. 2027 Interim report Q1-Q3 2027
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- Tryg Group Note Statement by the Supervisory Board and the Executive Board 20 Income statement 21 Statement of comprehensive income 22 Statement of financial position 23 Statement of changes in equity 24 Cash flow statement 26 1 General accounting policies 27 2 Operating segments 28 3 Insurance service result by geography 30 4 Interest and dividends 31 5 Value adjustments 31 6 Other income and costs 32 7 Earnings per share, operating earnings per share 32 8 Investment portfolio 33 9 Contingent liabilities 33 10 Related parties 33 Management's review - Contents Contents - Financial statements Tryg Group's financial statements are prepared in accordance with IFRS Accounting Standards I n t e r i m r e p o r t Q 1 - Q 3 2 0 2 6 | T r y g A / S | 1 9 Quarterly reporting Quarterly outline - Segments 34 Quarterly outline - Geography 36 Information Glossary, key ratios and alternative performance measures 39 Disclaimer 41
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- The Supervisory Board and Executive Board have today considered and adopted the interim report of Tryg Group (hereafter named the Group) for the period 1 January – 30 September 2026. The Financial Statements, which are unaudited and has not been reviewed by the company's auditors, is presented in accordance with IAS 34 Interim Financial Reporting, the Danish Insurance Business Act and the disclosure requirements for interim reports of listed financial institutions in Denmark. In our opinion, the Financial Statements gives a true and fair view of the Group’s assets, liabilities and financial position at 30 September 2026 and of the results of the Group's activities and cash flows for the period. In our opinion, Management’s Review includes a fair review of the development in the operations and financial circumstances of the Group and describes significant risk and uncertainty factors that may affect the Group. Ballerup, 9 October 2026 Executive Board Johan Kirstein Brammer Allan Kragh Thaysen Lars Bonde Alexandra Bastkær Winther Mikael Kärrsten Group CEO Group CFO Group COO Group CCO Group CTO Supervisory Board Steffen Kragh Benedicte Bakke Agerup Carl-Viggo Östlund Thomas Hofman-Bang Catharina Eklöf Vibeke Krag Anne Kaltoft Chairman Deputy Chairman Torben Jensen Jørn Rise Andersen Charlotte Dietzer Henrik Haas Jonas Bjørn Jensen Gunnar Elias Bakk Mette Osvold Lena Darin Financial statements - Contents Statement by the Supervisory Board and the Executive Board I n t e r i m r e p o r t Q 1 - Q 3 2 0 2 6 | T r y g A / S | 2 0
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- Q3 Q3 Q1-Q3 Q1-Q3 Full Year DKKm 2026 2025 2026 2025 2025 Note Insurance revenue 10,839 10,457 32,344 30,946 41,515 Insurance service expenses -8,226 -7,994 -26,277 -24,076 -32,795 Expenses from reinsurance contracts held -330 -375 -960 -1,027 -1,230 Income from reinsurance contracts held 170 94 193 185 455 2, 3 Insurance service result 2,454 2,181 5,299 6,028 7,945 Investment activities Profit/loss from associates 0 -5 0 -16 -15 Income from investment property 0 1 0 11 12 4 Interest income and dividends 329 350 1,026 1,105 1,476 5 Value adjustments -792 -90 -360 356 91 4 Interest expenses -48 -90 -141 -228 -295 Administration expenses in connection with investment activities -38 -40 -117 -116 -157 Investment return -550 125 409 1,113 1,111 Net finance income/expense from insurance contracts 595 50 -111 -510 -339 Net finance income/expense from reinsurance contracts -3 1 8 5 5 Net investment result 42 177 306 607 778 6 Other income 31 26 92 87 115 6 Other costs -404 -405 -1,222 -1,217 -1,626 Profit/loss before tax 2,123 1,980 4,476 5,505 7,212 Tax -498 -500 -1,018 -1,377 -1,807 Profit/loss for the period 1,625 1,479 3,457 4,128 5,405 7 Earnings per share 2.68 2.43 5.66 6.73 8.83 7 Diluted earnings per share 2.68 2.42 5.65 6.72 8.80 Financial statements - Contents Income statement I n t e r i m r e p o r t Q 1 - Q 3 2 0 2 6 | T r y g A / S | 2 1
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- Q3 Q3 Q1-Q3 Q1-Q3 Full Year DKKm 2026 2025 2026 2025 2025 Note Profit/loss for the period 1,625 1,479 3,457 4,128 5,405 Other comprehensive income which cannot subsequently be reclassified as profit or loss Actuarial gains/losses on defined-benefit pension plans 0 0 0 0 1 Tax on actuarial gains/losses on defined-benefit pension plans 0 0 0 0 0 0 0 0 0 1 Other comprehensive income which can subsequently be reclassified as profit or loss Exchange rate adjustments of foreign entities -391 269 -877 1,024 1,545 Hedging of currency risk in foreign entities 6 -7 12 -136 -189 Tax on hedging of currency risk in foreign entities -2 2 -3 35 49 -387 264 -868 924 1,406 Total other comprehensive income -387 264 -868 924 1,407 Comprehensive income 1,238 1,743 2,589 5,052 6,812 Financial statements - Contents Statement of comprehensive income I n t e r i m r e p o r t Q 1 - Q 3 2 0 2 6 | T r y g A / S | 2 2
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- DKKm 30.09.2026 30.09.2025 31.12.2025 Note Assets Goodwill 20,332 20,598 20,932 Other intangible assets 9,595 10,423 10,467 Operating equipment 134 162 153 Group-occupied property 607 656 720 Total property, plant and equipment 741 818 874 Investment property 0 180 0 Equity investments in associates 32 34 33 Total investments in associates 32 34 33 Equity investments 1,976 2,759 2,401 Unit trust units 1,191 1,173 1,189 Bonds 59,546 59,221 60,481 Derivative financial instruments 1,546 1,409 577 Reverse repurchase agreement 156 0 0 8 Total other financial investment assets 64,415 64,562 64,648 Total investment assets 64,447 64,776 64,681 Assets from reinsurance contracts 1,778 2,331 2,194 Other receivables 668 694 704 Total receivables 668 694 704 Current tax assets 58 64 60 Cash at bank and in hand 4,692 2,860 2,864 Total other assets 4,750 2,923 2,924 Interest and rent receivable 336 316 338 Other prepayments and accrued income 513 618 552 Total prepayments and accrued income 849 935 890 Total assets 103,161 103,497 103,665 DKKm 30.09.2026 30.09.2025 31.12.2025 Note Equity and liabilities Equity 37,388 38,487 39,620 Subordinated loan capital 2,375 2,982 2,575 Insurance contract liabilities 48,733 47,810 47,153 Pensions and similar obligations 60 53 62 Deferred tax liabilities 2,752 2,737 2,836 Other provisions 75 80 83 Total provisions 2,887 2,870 2,982 Amounts owed to credit institutions 1,909 696 747 Repurchase agreement 3,307 4,230 4,200 Derivative financial instruments 2,756 1,970 1,361 Current tax liabilities 386 1,079 636 Other debt 3,406 3,360 4,373 Total debt 11,764 11,335 11,316 Accruals and deferred income 15 13 18 Total equity and liabilities 103,161 103,497 103,665 1 General accounting policies 9 Contingent liabilities 10 Related parties Financial statements - Contents Statement of financial position I n t e r i m r e p o r t Q 1 - Q 3 2 0 2 6 | T r y g A / S | 2 3
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- DKKm Share capital Reserve for exchange rate adjust- menta) Other reservesb) Retained earnings Proposed dividendc) Non- controlling interest Share- holders of Tryg Additional Tier 1 capital Total equity Equity at 31 December 2025 3,057 -1,227 4,520 30,361 1,253 0 37,964 1,655 39,620 Q1-Q3 2026 Profit/loss for the period -54 -460 3,896 3,383 75 3,457 Other comprehensive income -868 -868 -868 Total comprehensive income 0 -868 -54 -460 3,896 0 2,515 75 2,589 Nullification of own shares -55 55 0 0 Dividend paid -3,858 -3,858 -3,858 Dividend, own shares 61 61 61 Interest paid on additional Tier 1 capital 0 -75 -75 Purchase and sale of own shares -1,004 -1,004 -1,004 Share-based payment 55 55 55 Total changes in equity in Q1-Q3 2026 -55 -868 -54 -1,292 37 0 -2,232 0 -2,232 Equity at 30 September 2026 3,001 -2,095 4,467 29,069 1,291 0 35,733 1,655 37,388 Equity at 31 December 2024 3,082 -2,633 4,361 31,864 1,202 1 37,877 987 38,864 Q1-Q3 2025 Profit/loss for the period 97 211 3,770 -1 4,077 51 4,128 Other comprehensive income 924 924 924 Total comprehensive income 0 924 97 211 3,770 -1 5,001 51 5,052 Nullification of own shares -25 25 0 0 Dividend paid -3,719 -3,719 -3,719 Dividend, own shares 31 31 31 Interest paid on additional Tier 1 capital 0 -51 -51 Purchase and sale of own shares -1,737 -1,737 -1,737 Share-based payment 47 47 47 Total changes in equity in Q1-Q3 2025 -25 924 97 -1,423 51 -1 -377 0 -377 Equity at 30 September 2025 3,057 -1,710 4,458 30,441 1,253 0 37,500 987 38,487 a) Exchange rate adjustments of foreign entities deducted, hedging of currency risk in foreign entities and tax on hedging of currency risk in foreign entities. b) The contingency fund provisions (Norwegian Natural perils Pool, Swedish- and Danish- contingency funds) can be used to cover losses in connection with the settlement of insurance provisions or otherwise for the benefit of the insured and are not available for dividends. The possible payment of dividend from Tryg Forsikring A/S to Tryg A/S is influenced by contingency fund provisions of DKK 4,467m (DKK 4,458m on 30 September 2025 and DKK 4,520m on 31 December 2025).. c) Proposed dividend per share is calculated as the total dividend proposed divided by the total number of shares at the end of the period 600,286,330 shares. Financial statements - Contents Statement of changes in equity I n t e r i m r e p o r t Q 1 - Q 3 2 0 2 6 | T r y g A / S | 2 4
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- DKKm Share capital Reserve for exchange rate adjust- menta) Other reservesb) Retained earnings Proposed dividendc) Non- controlling interest Share- holders of Tryg Additional Tier 1 capital Total equity Equity at 31 December 2024 3,082 -2,633 4,361 31,864 1,202 1 37,877 987 38,864 Full Year 2025 Profit/loss for the period 159 157 5,024 -1 5,338 67 5,405 Other comprehensive income 1,406 1 1,407 1,407 Total comprehensive income 0 1,406 159 157 5,024 -1 6,745 67 6,812 Nullification of own shares -25 25 0 0 Dividend paid -4,972 -4,972 -4,972 Dividend, own shares 67 67 67 Interest paid on additional Tier 1 capital 0 -67 -67 Purchase and sale of own shares -1,803 -1,803 -1,803 Issue of additional Tier 1 capital 0 668 668 Share-based payment 52 52 52 Total changes in equity in 2025 -25 1,406 159 -1,502 51 -1 88 668 756 Equity at 31 December 2025 3,057 -1,227 4,520 30,361 1,253 0 37,964 1,655 39,620 Financial statements - Contents Statement of changes in equity I n t e r i m r e p o r t Q 1 - Q 3 2 0 2 6 | T r y g A / S | 2 5
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- - Q1-Q3 Q1-Q3 Full Year DKKm 2026 2025 2025 Cash flow from operating activities Insurance revenue received 32,426 31,713 40,570 Insurance service expenses paid -26,043 -25,840 -31,495 Net expenses from reinsurance contracts -344 -399 -600 Cash flow from insurance activities 6,040 5,474 8,475 Interest income received 890 1,016 1,311 Interest expense paid -141 -226 -295 Dividend received 21 54 69 Corporate taxes -1,350 -1,316 -2,155 Other income and costs -496 -363 -537 Total cash flow from operating activities 4,964 4,639 6,869 Cash flow from Investment activities Purchase/sale of equity investments and unit trust units 416 1,091 1,185 Purchase/sale of bonds (net) 829 1,075 -113 Purchase/sale of intangible assets -395 -306 -487 Acquisition/sale of associate 0 0 1 Sale of investment property 0 241 416 Hedging of currency risk 12 -136 -189 Total cash flow from investment activities 861 1,965 812 Cash flow from financing activities Purchase and sale of own shares (net) -1,004 -1,737 -1,803 Subordinated loan capital -214 0 0 Dividend paid -3,798 -3,719 -4,972 Change in lease liabilities -143 -132 -182 Change in amounts owed to credit institutions 1,162 -292 -242 Total cash flow from financing activities -3,996 -5,880 -7,198 Change in cash and cash equivalents, net 1,828 724 482 Exchange rate adjustment of cash and cash equivalents, 1 January 0 13 19 Change in cash and cash equivalents, gross 1,828 737 502 Cash and cash equivalents at 1 January 2,864 2,123 2,123 Cash and cash equivalents at end of period 4,692 2,860 2,864 Financial statements - Contents Cash flow statement I n t e r i m r e p o r t Q 1 - Q 3 2 0 2 6 | T r y g A / S | 2 6
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- 1 General accounting policies Tryg’s interim report for Q1-Q3 2026 has been prepared in accordance with IAS 34 Interim Financial Reporting, the requirements of the Danish Insurance Business Act and the disclosure requirements for interim reports of listed financial institutions in Denmark. The application of IAS 34 means that the report is limited relative to the presentation of a full Annual Report and that the valuation principles are in accordance with IFRS Accounting Standards. The accounting policies have been applied consistently with last year. Please refer to the accounting policies in the Annual Report for 2025. IFRS Accounting Standards and interpretations not yet in force: IFRS 18 (Presentation and Disclosure in Financial Statements) was issued in April 2024 by the International Accounting Standards Board (IASB) is not yet in force. IFRS 18 was issued to improve reporting of financial performance by introducing new mandatory requirements for the income statement and disclosure requirements for management- defined performance measures (MPM's). IFRS 18 has been endorsed in the EU in February 2026 and will supersede IAS 1 and is effective for annual periods beginning on or after 1 January 2027. The significant requirements introduced in IFRS 18 are: • Presentation of the income statement in the following five categories: operating, investing, financing, income taxes and discontinued operations • New mandatory subtotals in the income statement: operating profit and profit before financing and income tax Tryg has assessed the impact of the standard and IFRS 18 will have no impact on insurance service result, profit/loss for the period or equity on implementation. Tryg is a non-life insurer and invest in assets as a specified main business activity defined in IFRS 18. This means that Tryg will classify some of the income and expenses in the operating category that would otherwise have been included in investing or financing categories. Tryg does not expect the recurring use of MPM's but may use MPM's in some circumstances. Other The amounts in the report are disclosed in whole numbers of DKKm, unless otherwise stated. The amounts have been rounded and consequently the sum of the rounded amounts and totals may differ slightly. Financial statements - Contents Notes I n t e r i m r e p o r t Q 1 - Q 3 2 0 2 6 | T r y g A / S | 2 7
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- 2 Operating segments Q1-Q3 2026 Q1-Q3 2025 DKKm Private Commercialb) Insurance ser- vice result in Management's Review IFRS 3 adjustmenta) Group Private Commercial Insurance ser- vice result in Management's Review IFRS 3 adjustmenta) Group Insurance revenue 21,783 9,780 31,563 781 32,344 20,439 9,624 30,063 882 30,946 Gross claimsb) -14,552 -6,755 -21,306 -781 -22,087 -13,958 -5,215 -19,173 -882 -20,055 Insurance operating costs -2,750 -1,440 -4,190 0 -4,190 -2,638 -1,383 -4,021 0 -4,021 Insurance service expensesb) -17,302 -8,195 -25,496 -781 -26,277 -16,596 -6,597 -23,194 -882 -24,076 Net expense from reinsurance contracts -211 -557 -768 0 -768 -190 -651 -842 0 -842 Insurance service resultb) 4,270 1,028 5,299 0 5,299 3,652 2,375 6,028 0 6,028 Net investment result 306 607 Other income and costs -1,130 -1,130 Profit/loss before taxb) 4,476 5,505 Taxb) -1,018 -1,377 Profit/loss for the periodb) 3,457 4,128 Run-off gains/losses, net of reinsuranceb) 620 -939 -319 0 -319 438 240 678 0 678 a) IFRS 17 requires the liability for incurred claims (LIC) acquired shall be presented as insurance revenue. The reclassification refers to insurance revenue and gross claims relating to LIC from the Trygg-Hansa and Codan Norway acquisitions. The presentation would have resulted in an artificial high insurance revenue and gross claims with no impact on the insurance service result. Therefore, Tryg presents insurance revenue and gross claims in "Management's Review" without the reclassification as it gives a fair view of insurance revenue, gross claims as well as key ratios. This explains the difference between "Management’s Review" and the Financial Statements. Key ratios are calculated based on the figures presented in "Management's Review". b) Figures for Q1-Q3 2026 are impacted by the Supreme Court ruling on Danish workers' compensation insurance from 28 April 2026. The impact is a one-off provision of DKK 1.2bn pre-tax and DKK 888m post-tax. Financial statements - Contents Notes I n t e r i m r e p o r t Q 1 - Q 3 2 0 2 6 | T r y g A / S | 2 8
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- 2 Operating segments (continued) Full Year 2025 DKKm Private Commercial Insurance ser- vice result in Management's Review IFRS 3 adjustmenta) Group Insurance revenue 27,525 12,831 40,356 1,159 41,515 Gross claims -18,891 -7,320 -26,210 -1,159 -27,369 Insurance operating costs -3,542 -1,883 -5,425 0 -5,425 Insurance service expenses -22,433 -9,203 -31,636 -1,159 -32,795 Net expense from reinsurance contracts -161 -614 -775 0 -775 Insurance service result 4,931 3,015 7,945 0 7,945 Net investment result 778 Other income and costs -1,511 Profit/loss before tax 7,212 Tax -1,807 Profit/loss for the period 5,405 Run-off gains/losses, net of reinsurance 569 326 895 0 895 Financial statements - Contents Notes I n t e r i m r e p o r t Q 1 - Q 3 2 0 2 6 | T r y g A / S | 2 9
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- 3 Insurance service result by geography Q1-Q3 Q1-Q3 Full Year DKKm 2026 2025 2025 Danish general insurance Insurance revenue 13,910 13,929 18,565 Insurance service resulta) 1,109 2,548 3,267 Run-off gains/losses, net of reinsurancea) -951 225 354 Key ratios Gross claims ratioa) 75.5 65.4 66.4 Net reinsurance ratio 2.4 2.3 1.7 Claims ratio, net of reinsurancea) 78.0 67.7 68.1 Expense ratio 14.1 14.0 14.3 Combined ratioa) 92.0 81.7 82.4 Run-off, net of reinsurance (%)a) 6.8 -1.6 -1.9 Number of full-time employees, end of period 3,393 3,430 3,321 Norwegian general insurance NOK/DKK, average rate for the period 67.03 63.73 63.74 Insurance revenue 7,271 6,456 8,762 Insurance service result 1,301 860 1,157 Run-off gains/losses, net of reinsurance 185 102 149 Key ratios Gross claims ratio 67.0 71.5 73.1 Net reinsurance ratio 3.3 3.0 1.8 Claims ratio, net of reinsurance 70.2 74.5 74.8 Expense ratio 11.9 12.2 11.9 Combined ratio 82.1 86.7 86.8 Run-off, net of reinsurance (%) -2.6 -1.6 -1.7 Number of full-time employees, end of period 1,298 1,370 1,318 Q1-Q3 Q1-Q3 Full Year DKKm 2026 2025 2025 Swedish general insurance SEK/DKK, average rate for the period 68.81 67.04 67.28 Insurance revenue 10,018 9,375 12,613 Insurance service result 2,847 2,540 3,323 Run-off gains/losses, net of reinsurance 449 337 378 Key ratios Gross claims ratio 57.2 57.7 58.9 Net reinsurance ratio 1.2 2.0 1.6 Claims ratio, net of reinsurance 58.4 59.7 60.5 Expense ratio 13.2 13.2 13.2 Combined ratio 71.6 72.9 73.7 Run-off, net of reinsurance (%) -4.5 -3.6 -3.0 Number of full-time employees, end of period 1,992 2,086 2,023 Other European countriesb) Insurance revenue 363 303 416 Insurance service result 41 80 199 Run-off gains/losses, net of reinsurance -3 15 15 Number of full-time employees, end of period 75 67 70 IFRS 3 adjustmentc) Insurance revenue 781 882 1,159 Insurance service expenses -781 -882 -1,159 Insurance service result 0 0 0 a) Figures for Q1-Q3 2026 are impacted by the Supreme Court ruling on Danish workers' compensation insurance from 28 April 2026. The impact is a one-off provision of DKK 1.2bn pre-tax. b) Comprises credit & surety insurance (Tryg Trade) in European countries besides Denmark, Norway and Sweden. c) Amounts relating to Trygg-Hansa and Codan Norway acquisitions. Please refer to note 2 operating segments. Financial statements - Contents Notes I n t e r i m r e p o r t Q 1 - Q 3 2 0 2 6 | T r y g A / S | 3 0
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- 3 Insurance service result by geography (continued) Q1-Q3 Q1-Q3 Full Year DKKm 2026 2025 2025 Group (Total) Insurance revenue 32,344 30,946 41,515 Insurance service resultd) 5,299 6,028 7,945 Net investment result 306 607 778 Other income and costs -1,130 -1,130 -1,511 Profit/loss before taxd) 4,476 5,505 7,212 Run-off gains/losses, net of reinsuranced) -319 678 895 Key ratios Gross claims ratiod) 67.5 63.8 64.9 Net reinsurance ratio 2.4 2.8 1.9 Claims ratio, net of reinsuranced) 69.9 66.6 66.9 Expense ratio 13.3 13.4 13.4 Combined ratiod) 83.2 80.0 80.3 Run-off, net of reinsurance (%)d) 1.0 -2.3 -2.2 Number of full-time employees, end of period 6,758 6,953 6,732 d) Figures for Q1-Q3 2026 are impacted by the Supreme Court ruling on Danish workers' compensation insurance from 28 April 2026. The impact is a one-off provision of DKK 1.2bn pre-tax. 4 Interest and dividends Interest income and dividends Dividends 21 54 69 Interest income, bonds 1,164 1,009 1,350 Interest income, other -159 42 56 1,026 1,105 1,476 4 Interest and dividends (continued) Q1-Q3 Q1-Q3 Full Year DKKm 2026 2025 2025 Interest expenses Interest expenses from subordinated loan capital, credit Institutions and cash at bank -77 -123 -158 Interest expenses, other -63 -105 -137 -141 -228 -295 886 877 1,180 5 Value adjustments Value adjustments concerning financial assets or liabilities at fair value with value adjustment in the income statement: Equity investments 84 -12 -285 Unit trust units -92 30 55 Bondsa) -106 269 340 Derivatives (Interest, currency and inflation) -340 301 221 -453 588 332 Value adjustments concerning assets or liabilities that cannot be attributed to IFRS 9: Investment property 0 -17 -13 Other statement of financial position itemsb) 93 -215 -228 93 -232 -241 -360 356 91 a) Value adjustment on financial instruments designated at fair value through profit or loss amounts DKK -108m (DKK 237m in Q1-Q3 2025 and DKK 210m in 2025) b) Exchange rate adjustments concerning financial assets or liabilities which cannot be stated at fair value total DKK 120m (DKK 172m in Q1-Q3 2025 and DKK -171m in 2025) Financial statements - Contents Notes I n t e r i m r e p o r t Q 1 - Q 3 2 0 2 6 | T r y g A / S | 3 1
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- 6 Other income and costs Q1-Q3 Q1-Q3 Full Year DKKm 2026 2025 2025 Include income and costs which cannot be directly ascribed to the insurance portfolio or investment assets: Other income Income related to the sale of non-insurance products 92 87 115 92 87 115 Other costs Amortisation of customer relations -644 -680 -898 Costs related to the sale of non-insurance products -116 -113 -150 Other costs -462 -424 -578 -1,222 -1,217 -1,626 -1,130 -1,130 -1,511 7 Earnings per share, operating earnings per share Q1-Q3 Q1-Q3 Full Year DKKm 2026 2025 2025 Profit/loss for the period cf. Income statement 3,457 4,128 5,405 Adjusted for interest on Additional Tier 1 capital cf. equity -75 -51 -67 Profit/loss from continuing business to shareholders of Tryg 3,383 4,077 5,338 Amortisation on intangible assets related to customer relations after tax 511 537 710 Adjusted profit/loss for the period 3,893 4,614 6,048 Average number of shares ('000) 597,262 605,647 604,762 Diluted number of shares ('000) 598,376 606,761 606,298 Earnings per share, continuing business 5.66 6.73 8.83 Diluted earnings per share, continuing business 5.65 6.72 8.80 Earnings per share 5.66 6.73 8.83 Diluted earnings per share 5.65 6.72 8.80 Operating earnings per share 6.52 7.62 10.00 Financial statements - Contents Notes I n t e r i m r e p o r t Q 1 - Q 3 2 0 2 6 | T r y g A / S | 3 2
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- 8 Investment portfolio Valuation of investment assets Investment assets are measured at fair value with value adjustment in the income statement. Listed bonds and shares, parts of unit trusts as well as derivative financial instruments are measured at quoted prices or observable input at the balance sheet date. The valuation of the investment assets can be distributed in the fair value hierarchy model, which is determined in accordance with IFRS 13. The model distributes the total investment assets based on the price at which the investment assets are set. Reference is made to the Annual Report 2025, note 18, for further description of the fair value hierarchy. The primary part of Tryg’s investment assets are classified as level 1 and level 2 with valuation based on quoted prices or observable input. This includes the primary part of the bond portfolio, unit trust units as well as derivative financial instruments. Investment assets, which are classified as level 3, includes unlisted property funds and a limited amount of unlisted shares. As these investment assets are not valued based on observable input, there will be a discretionary element in this hierarchy. On 30 September 2026, the value of level 3 assets amounts to DKK 1,976m (DKK 264m on 30 September 2025 and DKK 2,401m on 31 December 2025). Unlisted property funds amounts to DKK 1,907m of the value of level 3 assets on 30 September 2026. Transfers between categories Transfers between the categories level 1 quoted prices and level 2 observable input mainly result from bonds that are reclassified either due to traded volume or the number of days between the latest transaction and the time of determination. On 30 September 2026, financial assets of DKK 2,159m have been transferred from level 1 quoted prices to level 2 observable input and DKK 1,085m from level 2 observable input to level 1 quoted prices. 9 Contingent liabilities Companies in the Group are party to a number of other disputes in Denmark, Norway and Sweden, which management believes will not affect the Group’s financial position significantly beyond the obligations recognised in the statement of financial position at 30 September 2026. 10 Related parties In Q1-Q3 2026, a dividend for Q4 2025, Q1 2026 and Q2 2026 of DKK 3,858m was paid to shareholders of which DKK 1,889m has been paid to TryghedsGruppen SMBA. In Q1-Q3 2026, dividend of DKK 4,958m has been paid from Tryg Forsikring A/S to Tryg A/S. There have been no other significant transactions. Financial statements - Contents Notes I n t e r i m r e p o r t Q 1 - Q 3 2 0 2 6 | T r y g A / S | 3 3
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- Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 DKKm 2026 2026 2026 2025 2025 2025 2025 2024 2024 Private Insurance revenue 7,327 7,319 7,137 7,086 6,943 6,872 6,625 6,621 6,646 Insurance service result 1,588 1,596 1,087 1,278 1,333 1,429 890 1,095 1,279 Key ratios Gross claims ratio 64.6 64.6 71.3 69.6 66.9 65.3 72.8 70.4 66.9 Net reinsurance ratio 0.9 1.0 1.0 -0.4 1.0 0.8 1.0 0.8 1.1 Claims ratio, net of reinsurance 65.6 65.6 72.2 69.2 67.9 66.1 73.9 71.2 67.9 Expense ratio 12.8 12.6 12.5 12.8 12.9 13.1 12.7 12.2 12.8 Combined ratio 78.3 78.2 84.8 82.0 80.8 79.2 86.6 83.5 80.8 Combined ratio exclusive of run-off 81.4 80.8 87.6 83.8 83.0 81.8 88.1 85.4 82.5 Commercial Insurance revenue 3,265 3,277 3,238 3,207 3,233 3,248 3,143 3,113 3,140 Insurance service result 866 -405 568 639 849 877 649 613 769 Key ratios Gross claims ratio 56.3 91.5 59.2 65.6 53.0 52.4 57.2 58.0 52.2 Net reinsurance ratio 2.8 5.9 8.4 -1.2 6.7 6.2 7.5 6.6 8.9 Claims ratio, net of reinsurance 59.1 97.4 67.6 64.5 59.7 58.5 64.8 64.6 61.1 Expense ratio 14.4 14.9 14.9 15.6 14.0 14.5 14.6 15.7 14.4 Combined ratio 73.5 112.4 82.5 80.1 73.7 73.0 79.3 80.3 75.5 Combined ratio exclusive of run-off 74.5 81.2 84.0 82.7 76.6 74.6 82.4 83.8 76.9 Financial statements - Contents Quarterly outline - Segments I n t e r i m r e p o r t Q 1 - Q 3 2 0 2 6 | T r y g A / S | 3 4
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- Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 DKKm 2026 2026 2026 2025 2025 2025 2025 2024 2024 IFRS 3 adjustmenta) Insurance revenue 247 261 273 277 281 300 301 312 329 Insurance service result 0 0 0 0 0 0 0 0 0 Tryg total Insurance revenue 10,839 10,857 10,648 10,569 10,457 10,420 10,069 10,046 10,115 Insurance service result 2,454 1,190 1,655 1,918 2,181 2,307 1,540 1,708 2,048 Net investment result 42 262 2 171 177 110 320 -265 526 Other income and costs -373 -376 -381 -382 -379 -381 -369 -409 -441 Profit/loss before tax 2,123 1,076 1,276 1,707 1,980 2,035 1,491 1,033 2,134 Tax -498 -202 -318 -429 -500 -504 -373 -247 -523 Profit/loss for the period 1,625 874 958 1,277 1,479 1,531 1,118 786 1,611 Key ratios Gross claims ratio 62.1 73.0 67.5 68.4 62.5 61.2 67.8 66.4 62.2 Net reinsurance ratio 1.5 2.5 3.3 -0.7 2.8 2.5 3.1 2.7 3.6 Claims ratio, net of reinsurance 63.6 75.5 70.8 67.7 65.3 63.7 70.9 69.1 65.7 Expense ratio 13.3 13.3 13.3 13.6 13.3 13.5 13.3 13.3 13.3 Combined ratio 76.8 88.8 84.0 81.4 78.6 77.2 84.2 82.5 79.1 Combined ratio exclusive of run-off 79.3 80.9 86.5 83.5 81.0 79.5 86.3 84.9 80.7 a) Amounts relating to Trygg-Hansa and Codan Norway acquisitions. Please refer to note 2 operating segments. A further detailed version of the presentation can be downloaded from tryg.com/uk>investor> Downloads>tables Financial statements - Contents Quarterly outline - Segments I n t e r i m r e p o r t Q 1 - Q 3 2 0 2 6 | T r y g A / S | 3 5
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- Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 DKKm 2026 2026 2026 2025 2025 2025 2025 2024 2024 Danish general insurance Insurance revenue 4,604 4,667 4,639 4,636 4,633 4,667 4,629 4,556 4,609 Insurance service result 784 -489 815 719 841 912 795 899 973 Run-off gains/losses, net of reinsurance 17 -1,086 118 129 97 64 64 134 35 Key ratios Gross claims ratio 66.7 94.1 65.5 69.4 65.3 63.9 67.1 63.9 61.6 Net reinsurance ratio 2.1 2.4 2.8 0.1 2.5 2.2 2.1 3.5 2.8 Claims ratio, net of reinsurance 68.9 96.5 68.3 69.5 67.8 66.1 69.2 67.4 64.4 Expense ratio 14.1 14.0 14.1 15.0 14.0 14.4 13.6 12.8 14.5 Combined ratio 83.0 110.5 82.4 84.5 81.9 80.5 82.8 80.3 78.9 Run-off, net of reinsurance (%) -0.4 23.3 -2.6 -2.8 -2.1 -1.4 -1.4 -2.9 -0.8 Number of full-time employees, end of period 3,393 3,403 3,344 3,321 3,430 3,380 3,364 3,154 3,133 Norwegian general insurance NOK/DKK, average rate for the period 67.80 68.16 65.13 63.75 63.32 64.49 63.39 63.24 64.18 Insurance revenue 2,513 2,449 2,310 2,305 2,222 2,175 2,059 2,125 2,083 Insurance service result 601 556 144 297 375 389 96 130 311 Run-off gains/losses, net of reinsurance 93 25 68 47 10 29 62 10 51 Key ratios Gross claims ratio 61.8 62.2 77.6 77.5 68.3 66.9 79.8 79.5 67.5 Net reinsurance ratio 2.3 3.4 4.3 -1.7 2.8 3.2 3.1 0.7 5.0 Claims ratio, net of reinsurance 64.1 65.6 81.9 75.8 71.1 70.1 82.8 80.3 72.5 Expense ratio 12.0 11.7 11.9 11.3 12.0 12.0 12.5 13.6 12.5 Combined ratio 76.1 77.3 93.7 87.1 83.1 82.1 95.3 93.9 85.1 Run-off, net of reinsurance (%) -3.7 -1.0 -2.9 -2.0 -0.5 -1.4 -3.0 -0.5 -2.5 Number of full-time employees, end of period 1,298 1,311 1,305 1,318 1,370 1,352 1,326 1,318 1,327 Financial statements - Contents Quarterly outline - Geography I n t e r i m r e p o r t Q 1 - Q 3 2 0 2 6 | T r y g A / S | 3 6
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- Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 DKKm 2026 2026 2026 2025 2025 2025 2025 2024 2024 Swedish general insurance SEK/DKK, average rate for the period 67.57 68.83 70.03 67.99 67.11 68.47 65.55 64.96 65.24 Insurance revenue 3,349 3,360 3,310 3,239 3,215 3,179 2,981 2,962 3,014 Insurance service result 1,085 1,096 666 784 941 986 613 627 744 Run-off gains/losses, net of reinsurance 149 230 69 41 138 141 59 86 72 Key ratios Gross claims ratio 53.1 53.6 65.1 62.3 56.1 54.7 62.8 63.7 60.9 Net reinsurance ratio 1.4 0.4 1.8 0.3 1.6 1.1 3.4 1.3 2.4 Claims ratio, net of reinsurance 54.5 54.0 66.9 62.5 57.7 55.8 66.1 65.0 63.2 Expense ratio 13.1 13.4 13.0 13.3 13.0 13.2 13.3 13.8 12.1 Combined ratio 67.6 67.4 79.9 75.8 70.7 69.0 79.4 78.8 75.3 Run-off, net of reinsurance (%) -4.5 -6.9 -2.1 -1.3 -4.3 -4.4 -2.0 -2.9 -2.4 Number of full-time employees, end of period 1,992 2,044 2,010 2,023 2,086 2,090 2,022 2,085 2,076 Other European countriesa) Insurance revenue 126 121 116 113 106 99 99 90 79 Insurance service result -17 29 30 118 25 20 35 51 20 Run-off gains/losses, net of reinsurance -2 -1 0 0 -1 1 15 4 4 Number of full-time employees, end of period 75 71 72 70 67 68 66 65 64 IFRS 3 adjustmentb) Insurance revenue 247 261 273 277 281 300 301 312 329 Insurance service expenses -247 -261 -273 -277 -281 -300 -301 -312 -329 Insurance service result 0 0 0 0 0 0 0 0 0 a) Comprises credit & surety insurance (Tryg Trade) in European countries besides Denmark, Norway and Sweden. b) Amounts relating to Trygg-Hansa and Codan Norway acquisitions. Please refer to note 2 operating segment. Financial statements - Contents Quarterly outline - Geography I n t e r i m r e p o r t Q 1 - Q 3 2 0 2 6 | T r y g A / S | 3 7
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- Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 DKKm 2026 2026 2026 2025 2025 2025 2025 2024 2024 Tryg total Insurance revenue 10,839 10,857 10,648 10,569 10,457 10,420 10,069 10,046 10,115 Insurance service result 2,454 1,190 1,655 1,918 2,181 2,307 1,540 1,708 2,048 Net investment result 42 262 2 171 177 110 320 -265 526 Other income and costs -373 -376 -381 -382 -379 -381 -369 -409 -441 Profit/loss before tax 2,123 1,076 1,276 1,707 1,980 2,035 1,491 1,033 2,134 Run-off gains/losses, net of reinsurance 257 -832 256 217 244 234 200 233 163 Key ratios Gross claims ratio 62.1 73.0 67.5 68.4 62.5 61.2 67.8 66.4 62.2 Net reinsurance ratio 1.5 2.5 3.3 -0.7 2.8 2.5 3.1 2.7 3.6 Claims ratio, net of reinsurance 63.6 75.5 70.8 67.7 65.3 63.7 70.9 69.1 65.7 Expense ratio 13.3 13.3 13.3 13.6 13.3 13.5 13.3 13.3 13.3 Combined ratio 76.8 88.8 84.0 81.4 78.6 77.2 84.2 82.5 79.1 Run-off, net of reinsurance (%) -2.4 7.9 -2.5 -2.1 -2.4 -2.3 -2.0 -2.4 -1.7 Number of full-time employees, end of period 6,758 6,829 6,731 6,732 6,953 6,889 6,778 6,621 6,600 Financial statements - Contents Quarterly outline - Geography I n t e r i m r e p o r t Q 1 - Q 3 2 0 2 6 | T r y g A / S | 3 8
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- Claims ratio, net of reinsurance Gross claims ratio + net reinsurance ratio. Combined ratio The sum of the gross claims ratio, the net reinsurance ratio and the gross expense ratio. Danish general insurance Comprises the legal entities Tryg Forsikring A/S, excluding the foreign branches, and Tryg Livsforsikring A/S. Diluted average number of shares Average number of shares adjusted for number of shares which may potentially dilute. Discounting Expresses recognition in the financial statements of expected future payments at a value below the nominal amount, as the recognised amount carries interest until payment. Discounting is calculated on the basis of the market-based discount rate applied and the expected time to payment. Dividend per share Proposed dividend Number of shares end of period Earnings per share Profit/loss for the period Average number of shares Earnings per share of continuing business Diluted earnings from continuing business after tax Diluted average number of shares Gross claims ratio Gross claims x 100 Insurance revenue Gross expense ratio Insurance operating costs x 100 Insurance revenue Insurance revenue Expected premium receipts allocated to the period the insurance contract services. Market price/net asset value Share price Net asset value per share Net asset value per share Equity end of period Number of outstanding shares end of period Net reinsurance ratio Net expense from reinsurance contracts x 100 Insurance revenue Norwegian general insurance Comprises Tryg Forsikring A/S, Norwegian branch. Operating earnings per share Adjusted profit/loss for the period Average number of shares Other insurance Comprises credit & surety insurance (Tryg Trade) in European countries besides Denmark, Norway and Sweden and amounts relating to one-off items. Own funds Equity plus share of qualifying solvency debt and profit margin (solvency purpose), less intangible assets, tax asset, proposed dividend and share buyback. Price/Earnings Share price Earnings per share Return on equity after tax (%) Profit/loss for the period Weighted average equity Relative run-off result Run-off gains/losses net of reinsurance relative to claims provisions net of reinsurance, beginning of year. Financial statements - Contents I n t e r i m r e p o r t Q 1 - Q 3 2 0 2 6 | T r y g A / S | 3 9 The financial highlights and key ratios of Tryg have been prepared in accordance with the executive order issued by the Danish Financial Supervisory Authority on the financial reports for insurance companies and lateral pension funds, and also comply with ‘Recommendations & Ratios’ issued by the CFA Society Denmark. Glossary, key ratios and alternative performance measures
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- Run-off gains/losses The difference between the claims provisions at the beginning of the financial year (adjusted for foreign currency translation adjustments and discounting effects) and the sum of the claims paid during the financial year and the part of the claims provisions at the end of the financial year pertaining to injuries and damage occurring in earlier financial years. Solvency II Solvency requirements for insurance companies issued by the EU Commission is the regulatory framework that the Group operates under. Solvency ratio Ratio between own funds and capital requirement. Swedish general insurance Comprises Tryg Forsikring A/S, Swedish branches. Unwinding Unwinding of discounting takes place with the passage of time as the expected time to payment is reduced. The closer the time of payment, the smaller the discount. This gradual increase of the provision is not recognised under claims, but under investment result in the income statement. Large claims, net of reinsurance Large claims, net of reinsurance, as calculated by the Tryg Group, represents Large claims, net of reinsurance is defined as single claims or claims events gross above 10m in local currencies adjusted for reinsurance. Large claims, net of reinsurance Insurance revenue Weather claims, net of reinsurance Weather claims, net of reinsurance, as calculated by the Tryg Group, represents: Weather claims, net of reinsurance, is defined as claims related to storm, cloudbursts, natural perils and winter, adjusted for reinsurance. Weather claims, net of reinsurance Insurance revenue Run-off, net of reinsurance Run-off, net of reinsurance, as calculated by the Tryg Group, represents Run-off, net of reinsurance Insurance revenue Return on Own Funds (ROOF) Profit/loss for the period x 100 (Own Funds Opening + Own Funds Closing)/2 Return on Tangible Equity (ROTE) Profit/loss for the period x 100 (Tangible Equity Opening + Tangible Equity Closing)/2 Tangible Equity Tangible Equity is defined as weighted average equity excluding intangible assets and deferred tax related to intangible assets. Financial statements - Contents I n t e r i m r e p o r t Q 1 - Q 3 2 0 2 6 | T r y g A / S | 4 0 Glossary, key ratios and alternative performance measures
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- Certain statements in this financial report are based on the beliefs of our management as well as assumptions made by and information currently available to management. Statements regarding Tryg’s future operating results, financial position, cash flows, business strategy, plans and future objectives other than statements of historical fact can generally be identified by the use of words such as ‘targets’, ‘believes’, ‘expects’, ‘aims’, ‘intends’, ‘plans’, ‘seeks’, ‘will’, ‘may’, ‘anticipates’, ‘would’, ‘could’, ‘continues’ or similar expressions. A number of different factors may cause the actual performance to deviate significantly from the forward-looking statements in this financial report, 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. Should one or more of these risks or uncertainties materialise, or should any underlying assumptions prove to be incorrect, Tryg’s actual financial condition or results of operations could materially differ from that described herein as anticipated, believed, estimated or expected. Tryg is 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. Financial statements - Contents Disclaimer I n t e r i m r e p o r t Q 1 - Q 3 2 0 2 6 | T r y g A / S | 4 1