(Bloomberg) -- Tryg A/S jumped the most in almost nine months in Copenhagen trading after the Danish insurer reported earnings that beat analyst estimates, helped by lower claims.
The shares rose as much as 4.1%, the most since Jan. 25, and advanced 1.8% as of 12:43 p.m. in the Danish capital. The increase helped Tryg narrow its 2024 gap to European peers. Tryg’s stock has now gained about 10% in 2024, compared with a 17% rise in the Stoxx Insurance Index.
Tryg on Friday reported a third-quarter insurance service result of 2.13 billion kroner ($312 million), ahead of analyst estimates of 2.08 billion kroner, helped by “significantly lower” losses from claims related to weather and large events. Chief Executive Officer Johan Kirstein Brammer said the results “underpin” Tryg’s financial goals for the current strategy period through 2024.
Analysts at Morgan Stanley noted that Tryg’s earnings showed an “improvement in deterioration of private underlying claims ratio,” but also recorded a “slight miss on the key group underlying claims ratio.”
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