Investing.com — Nordic insurance giant Tryg A/S (CPH:TRYG) reported fourth-quarter 2024 results that fell short of analysts’ expectations, sending its shares down 5% in early trading.
The company’s fourth-quarter insurance revenue rose 3.6% in local currency, but was 0.2% below consensus estimates. Insurance revenue for the full year of 2024 rose 4.1%, slightly below expectations. Tryg’s fourth-quarter combined ratio, a key measure of profitability in the insurance industry, was 82.5%, 0.5 percentage point worse than expected.
The company’s net income for the quarter was 9.7% below expectations, primarily due to weak investment income that was 27.4% below consensus. Weather-related claims were 16.7% higher than expected, further impacting the results.
Commenting on the results, Tryg’s CEO said, “While we faced some headwinds in the fourth quarter, our overall performance in 2024 demonstrates the resilience of our business model.”
Despite missing out on profits, Tryg maintained its annual dividend at DKK 7.8 per share, in line with analyst expectations. The company’s Solvency II ratio, a measure of financial strength, was 196%, slightly above consensus expectations.
For the full year 2024, Tryg reported a composite ratio of 81%, which was slightly worse than expected. The company’s full-year insurance services performance was 0.6% below consensus, and its return on investment was 8.4% below expectations.
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