Rankings Financial data & insurance broking Tryg
Tryg
88
15070100
A view of the same findings, not a new score. How it works
A strong score: the model found few serious problems, but analysts see limited upside from here.
Biggest deductions
- Return on capital−4
- Workers' comp and reserves−4
- Quality of growth−3
Strengths
- Dividend and buybacks+3
- Pricing power and underlying operations+2
How the score is built
From 100 to 88, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 162.00 DKK
- Median analyst target
- 163.50 DKK
- Upside to median
- +0.9%
- Analysts
- 16
- Target range
- 140.00 – 192.00 DKK
- 52-week change
- +1%
- P/E (trailing)
- 20.9
- Forward P/E
- 15.2
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 2 findings−7 of −30
- −4Return on capitalROE 12.2% (13.8% in 2025) vs about 27% at Gjensidige and 24% at Sampo; the balance sheet is weighed down by goodwill from the 2022 RSA Scandinavia deal (P/TBV 12.2). Tryg is bigger, but not stronger than the best Nordic peers.
- −3Quality of growthPremium growth only 3.3% in local currency in Q2 2026; analysts expect revenue −1.8% in 2026 and EPS growth of about 4% a year for the next three years. Profit growth is carried by margin improvement, not volume.
Price
Today's multiples against the company's own history and its peers. · 2 findings−3 of −35
- −1Multiples vs own historyForward P/E 13.9 vs 15.5–21.7 in 2021–2025 and trailing P/E 18.9 vs 18.8–19.6 in 2024–2025 (trailing lifted by the one-off provision); P/B 2.25 vs 2.15–2.53. Cheap on a forward basis, but not on book value.
- −2PeersP/B 2.25 at a 12% ROE vs Sampo 3.17 at 24% and Gjensidige 5.62 at 27%; forward P/E 13.9 vs about 15 for both. The discount on earnings is matched by a markedly lower return on equity.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 2 findings−5 of −35
- −4Workers' comp and reservesThe Supreme Court ruling of 28 April 2026 on loss of earning capacity below 15% cost a one-off provision of DKK 1.2bn (Q2 combined ratio 88.8% vs 77.4% adjusted). The industry has set aside about DKK 4–4.5bn in total, while the Ministry of Employment estimates 10–30bn; risk of further provisions.
- −1GovernanceInsiders own only 0.06%, and only about half the shares are free float, because TryghedsGruppen is the controlling shareholder; minority shareholders have limited influence.
Plus
Only documented strengths. · 2 findings+5 of +15
- +3Dividend and buybacksDividend yield 6.1% plus buybacks (share count −1.6% in a year); dividends of DKK 5.1bn + buybacks of 1.2bn (TTM) are below FCF of 7.8bn.
- +2Pricing power and underlying operationsThe underlying claims ratio improved 50 bp in Q2 (40 bp in Q1), expense ratio 13.3% and adjusted combined ratio 77.4%; solvency rose to 196% from 192%.
Caveats
What the score does not capture, or where the data is weak.
Insurance: EV, ROIC and FCF are not fully comparable with industrial companies; stockanalysis' TTM EPS (7.49) is pulled down by a one-off DKK 1.2bn workers' compensation provision in Q2 2026. The share is −12% over one year with RSI 23 ahead of Q3 results on 9 Oct. The Swedish business (Trygg-Hansa) and weather claims have not been examined separately.
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