Core Insights - Tryg reported a strong insurance service result of DKK 2,307 million for Q2 2025, an increase from DKK 2,020 million in Q2 2024, with a combined ratio improving to 77.2% from 78.8% [1] - The investment result decreased to DKK 110 million from DKK 538 million year-over-year, contributing to a pre-tax profit of DKK 2,035 million, down from DKK 2,129 million [1] - The company declared an ordinary dividend of DKK 2.05 per share, reflecting a more than 5% increase compared to DKK 1.95 in the previous year [1] - The solvency ratio improved to 199% at the end of Q2 2025, up from 195% in Q1 2025, indicating strong financial stability [1] Financial Highlights Q2 2025 - Insurance service result: DKK 2,307 million (Q2 2024: DKK 2,020 million) - Combined ratio: 77.2% (Q2 2024: 78.8%) - Investment result: DKK 110 million (Q2 2024: DKK 538 million) - Pre-tax profit: DKK 2,035 million (Q2 2024: DKK 2,129 million) - Ordinary dividend: DKK 2.05 per share (Q2 2024: DKK 1.95) [2][7] Financial Highlights H1 2025 - Insurance revenue growth: 4.0% in local currencies - Insurance service result for H1: DKK 3,846 million (H1 2024: DKK 3,300 million) - Combined ratio for H1: 80.7% (H1 2024: 82.7%) - Pre-tax profit for H1: DKK 3,526 million (H1 2024: DKK 3,136 million) [3][7] Customer Highlights Q2 2025 - Customer satisfaction score increased to 82, up from a baseline of 81 in 2024 [4] CEO Statement - The CEO emphasized the strengthening of the core business, improved customer satisfaction, and favorable developments in the motor portfolio, aligning with the company's 2027 strategy [5] Accounting Policy Update - A new accounting policy was introduced regarding the hedging strategy of inflation risk, leading to restated financial figures for Q2 2024, which primarily affected the allocation between insurance service and investment results [6]

Core Insights - SCOR reported a net income of EUR 200 million in Q1 2025, with all business activities contributing positively to this result [4][6][19] - The annualized Return on Equity (ROE) is at 18.7%, reflecting a strong performance compared to previous periods [4][23] - The Group's solvency ratio improved to 212%, indicating a solid capital position [4][6][24] Group Performance and Financials - The Group's net income for Q1 2025 is EUR 200 million, with an adjusted figure of EUR 195 million [4][6] - The annualized ROE stands at 18.7%, up from 17.3% in Q1 2024 [19][23] - The Group Economic Value increased by 6.8% at constant economics, reaching EUR 9.0 billion [4][6][21] - The solvency ratio is estimated at 212%, up 2 points from FY 2024 [4][6][24] P&C (Property and Casualty) Segment - The P&C combined ratio is 85.0%, a significant improvement from 87.1% in Q1 2024, despite natural catastrophe claims [7][12][23] - P&C insurance revenue is EUR 1,858 million, reflecting a 1.2% increase at current exchange rates [12][22] - The P&C insurance service result is EUR 205 million, driven by a low attritional loss and commission ratio of 74.7% [12][13] L&H (Life and Health) Segment - L&H insurance revenue decreased to EUR 2,205 million, down 3.1% at current exchange rates [14][15][22] - The L&H insurance service result improved significantly to EUR 118 million, a 64.9% increase compared to Q1 2024 [15][19] - New business CSM generation in L&H was EUR 76 million, reflecting a strategic shift in business approach [14][15] Investment Performance - Total invested assets reached EUR 24.3 billion, with a return on invested assets of 3.8% [16][17][24] - The regular income yield remained stable at 3.5%, while total investment income increased to EUR 226 million [16][17][22] - The reinvestment rate is at 4.3%, indicating continued strong investment performance [17][24] Market Context and Strategy - SCOR is strategically growing in preferred lines during the April 2025 renewals, with an EGPI increase of 1.5% [8][9] - The company is maintaining underwriting discipline in a softening market, with a focus on profitable and diversified growth [9][10] - Despite competitive pricing expected in loss-free programs, SCOR's overall business mix remains attractive [10][11]