The biggest non-life insurer in Scandinavia, Tryg A/S, saw its stock climb in Copenhagen trading after reporting stronger-than-expected earnings for the third quarter.
The Danish insurer’s shares went up as much as 4.1% – the largest increase since January 25, according to Bloomberg. It was reported that this recent rally helped Tryg close the gap between its performance and that of its European insurance peers.
So far in 2024, the company’s shares have risen approximately 10%, in contrast to the 17% uplift seen in the broader Stoxx Insurance Index.
Tryg announced a third-quarter insurance service result of 2.13 billion kroner (US$312 million), surpassing analysts’ forecasts of 2.08 billion kroner. The better-than-expected performance was attributed to “significantly lower” claims related to weather and large events.
Chief executive Johan Kirstein Brammer said on Friday: “We have delivered a solid insurance service result in the third quarter, once again highlighting our strength as a full-scale insurance operator in Denmark, Norway, and Sweden.
“[The] results are the last before we present our new strategy, and the numbers underpin our expectation of achieving our financial goals for the strategy period. These goals include an insurance service result of between 7.2 and 7.6 billion kroner and a combined ratio at or below 82% by the end of 2024.”
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